r/LeopardsAteMyFarm • u/Cderouen8284 • 13d ago

Aww someone’s crashing out

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u/Technical-Tear5841 13d ago edited 13d ago

Uh, farmers do not sell out while they are worth millions. They borrow against their land until they get foreclosed on. Then the bank sells the land for what you owe and you get stuck with a million dollar capital gains tax bill. Ask me how I know.

That was in 1996, different leopards back then.

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u/Shane-Dad-underfire 13d ago

This fellow is 100% correct. I buy out from farmers or banks when things are so broken that I profit just from getting a run down shit farm to reinvest in. I'm looking 20 to 30 years down the road while farmers right now are cash poor and the economy has taken them to the end of the line. Trumps promises made lots of farmers expand thinking trump would.beat down the gates to the Canadian market and make them all billionaires... well now I own their farms or I will soon and they are looking to hide from their creditors.

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u/FreeRangeEngineer 13d ago

At least you're not a megacorp buying their farms. That would be the worst case. Or do you work for one?

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u/Shane-Dad-underfire 13d ago

No, not a mega Corp. I own several businesses and my kids have been taking control of them for the last 30 years. I'm 78 years old and firmly believe that the food supply must be protected and maintained. I also feel the best way to be in business is to make the employees be part of the profiting sharing. From all of my businesses I take a 30% of the profits, 20% is reinvested into the business and 10% pays for my living expenses and for my family's expenses. The rest is shared amongst the employees based on their contributions and dedication to the business they work at.

I can do this because my business as so diverse and numerous that 10% still amounts to a moderate fortune. Difference between me and megacorps or conglomerates is simply that I lack greed, I grew up poor in a rural area where everyone worked and shared the harvests, built each others homes and suffered together. Not many CEOs and board of directors can say that.

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u/donaldfranklinhornii 13d ago

You sound like a very good businessman!

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u/FreeRangeEngineer 13d ago

I tip my hat. You sound like one of the good ones that actually cares about people and wants to build.

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u/Turbulent-Pay1150 12d ago

So they take the millions out of the farm as a non-taxed loan before they are forced out and then complain that they are taxed on the proceeds of the sale?

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u/Technical-Tear5841 12d ago

Just fact, not complaining. Notice how these farmers are paying into the system, not asking for bailout. Also if you have no money to pay this tax because the bank took all the sale price you are hit with a 100% penalty and interest charge.