Pseudo-Agricultural Tax Breaks Save Money for Rich and Famous

[The Straight Story]

Michael Dell, founder of Dell Computers and the second-richest person in Texas, was able to take advantage of an agricultural property tax break on his 1,700-acre residential ranch in suburban Austin because he used the land as a private hunting preserve. The move saved Dell $1 million off his taxes.

Billionaire Steve Forbes put out a few cows on his estate in upscale Bedminister, New Jersey, and got more than a 90% property tax reduction.

While serving as governor of Texas, George W. Bush managed to get his lakeside home near Athens designated “scenic land.” The effort dropped his property tax bill to little more than $500. A few years later, Bush got an agricultural tax exemption on his 1,500-acre ranch in Crawford, Texas, which reduced its taxable value from $2.1 million to $950,000.

http://www.allgov.com/Where_is_the_Money_Going/ViewNews/Pseudo_Agricultural_Tax_Breaks_Save_Money_for_Rich_and_Famous_110421

[aquart]

1. Fake farm subsidies need to be labeled as the frauds they are.

And how dare those rich bastards steal from our farmers?

[Starckers]

2. Exemptions

So too Ted Turner and Sam Donaldson.

[jwirr]

3. And most of the farm subsidies go to the richest. I have mixed feelings

about ending the programs. Like the housing programs they continue to spout the idea that these programs help the poor and lower income people yet try to get a loan or a subsidy if you are in those groups. For that reason I would like to see them ended.

But on the other hand - these subsidies may be helping to keep food prices down for all of us. That is an unintended side effect so if it is true.

Certainly we could come up with a better farm program that would actually do what it claims to do?