What's Iowa got that we haven't? Corn, aid and swing votes?

[cleller]

I've mention in a couple of threads that I just drove thru Illinois and Indiana last week, and was struck by the super-farms. Corn as far as the eye can see. Out in the middle of all these cornfields was the common site of big farm houses, big barns, lots of machinery. It struck me how prosperous they all looked. Very different than in these parts. The absence of small homes, or a farms that looked to be struggling was striking. Compared to Oklahoma, these farms looked liked baronial estates. On top of that, they are sitting on land worth millions. (Iowa average: $6708/acre)

Obviously, these farmers have lots of tough decisions, but it seems the government is involved in most of them. The government buys their corn. The government pays 60% of their crop insurance. Anyone around here selling calves to Uncle Sam? Anyone had hay donated by the government? Somehow, we seem to seen as self reliant.

Today Obama told these voters (aka, farmers) that he'd buy up an extra $150 million of their crops to put "in the freezer" to help them out. Great timing. Down here, the cattlemen and folks associated with Oklahoma agriculture get beat down every bit as bad, but no one is riding in here on Air Force One to spread the cash around. Is it because we're not a swing state?

[okie52]

Maybe if Obama had won a county in OK he'd feel a little more generous.

As it is he swoops in here on Air Force One to tell us how much he's helped the oil and gas industry and our pipeline.

[Sooner5030]

okie is doing pretty darn well itself......at least by metrics other than "the houses look nicer".

Okie GDP is somewhere around $134 billion compared to $128 billion of IA. IA is sitting pretty at GDP per capita of $41k compared to $35k for okie....although okie has a rather large pop of outliers that create a gap between mean and median. Also, IA has higher cost of living while okie is a net exporter of water, food, and energy (gas/oil/refined/electricity).

The last thing I would want to see in okie is that once every four year circus that is in IA.

[rock on sooner]

okie is doing pretty darn well itself......at least by metrics other than "the houses look nicer".

Okie GDP is somewhere around $134 billion compared to $128 billion of IA. IA is sitting pretty at GDP per capita of $41k compared to $35k for okie....although okie has a rather large pop of outliers that create a gap between mean and median. Also, IA has higher cost of living while okie is a net exporter of water, food, and energy (gas/oil/refined/electricity).

The last thing I would want to see in okie is that once every four year circus that is in IA.

Whaddya, mean every four years? It starts all over again
about 25 minutes after the candidates head for New Hampshire
and runs non stop until the next caucus!

[badger]

Down here, the cattlemen and folks associated with Oklahoma agriculture get beat down every bit as bad, but no one is riding in here on Air Force One to spread the cash around. Is it because we're not a swing state?

It might not be Air Force One, but Gov. Fallin is seeking disaster aid due to our drought conditions, wildfires, etc. And we will probably receive it, because that's what happens in this area - disasters. Then aid. Poor Oklahoma

[okie52]

I've mention in a couple of threads that I just drove thru Illinois and Indiana last week, and was struck by the super-farms. Corn as far as the eye can see. Out in the middle of all these cornfields was the common site of big farm houses, big barns, lots of machinery. It struck me how prosperous they all looked. Very different than in these parts. The absence of small homes, or a farms that looked to be struggling was striking. Compared to Oklahoma, these farms looked liked baronial estates. On top of that, they are sitting on land worth millions. (Iowa average: $6708/acre)

Obviously, these farmers have lots of tough decisions, but it seems the government is involved in most of them. The government buys their corn. The government pays 60% of their crop insurance. Anyone around here selling calves to Uncle Sam? Anyone had hay donated by the government? Somehow, we seem to seen as self reliant.

Today Obama told these voters (aka, farmers) that he'd buy up an extra $150 million of their crops to put "in the freezer" to help them out. Great timing. Down here, the cattlemen and folks associated with Oklahoma agriculture get beat down every bit as bad, but no one is riding in here on Air Force One to spread the cash around. Is it because we're not a swing state?

Heh, many of these struggling looking Okie farms are sitting on top of minerals that are worth millions.

[TheHumanAlphabet]

Farming in many places is not the old family farm... These farmers are rich, they may be leveraged, but the are sitting on a gold mine that is nothing until they die and make listing of the property, then they are stinking rich... I would think those people would be for the end of the death tax and increase in the inheritance values, not what I would think would be demo thinking...

[TitoMorelli]

Heh, many of these struggling looking Okie farms are sitting on top of minerals that are worth millions.

Now if only the price of natural gas was a little closer to the price of corn.

[TheHumanAlphabet]

Heh, many of these struggling looking Okie farms are sitting on top of minerals that are worth millions.

If they actually own the mineral rights. I would guess many of those still on the original farmsteads may own those rights.

[okie52]

Now if only the price of natural gas was a little closer to the price of corn.

Looks like a lot of that corn is wilting on the stalk.

[okie52]

If they actually own the mineral rights. I would guess many of those still on the original farmsteads may own those rights.

If they are the original farms then they probably own them.

OK has been having wells drilled on it for over 100 years so mineral severances are very common.

[jkjsooner]

Farming in many places is not the old family farm... These farmers are rich, they may be leveraged, but the are sitting on a gold mine that is nothing until they die and make listing of the property, then they are stinking rich... I would think those people would be for the end of the death tax and increase in the inheritance values, not what I would think would be demo thinking...

Aren't there inheritance tax exclusions for family farms?

I hate that term death tax. There is nothing different about inheritance tax than any other form of tax. You can't give unlimited amounts of money to anyone before death without tax consequences. Any time money changes hands there are tax consequences. The "death tax" is no different.

[TheHumanAlphabet]

Why should there be a tax when someone dies. These people likely paid capital gains on investments, income tax, etc. Why shoul dthe government get their money grubbing mitts on someone's estate?

[jkjsooner]

Why should there be a tax when someone dies. These people likely paid capital gains on investments, income tax, etc. Why shoul dthe government get their money grubbing mitts on someone's estate?

Fine, why should I have to pay a gift tax when I give someone money (over the yearly exclusion amount)? I've already paid income tax and capital gains tax on it.

If I pay my son to mow my grass, why must he pay income tax on that? I've already paid income tax and capital gains tax on the money myself.

Assets are taxed anytime they change hands. Inheritance tax is no different. If "taxes are already paid on that money" is a valid argument, there would be no income tax or most any type of tax. The government would quickly run out of money.

So now tell me why inheritance tax should be treated differently. Tell me why a guy working for that money should have a tax obligation but a guy who simply inherited it should not.

As it is, inheritance is treated much more leniently. I don't get $5 million excluded when I work for you.

[TheHumanAlphabet]

I don't think there should be an income tax. makes it too easy to take from people. People should have to write checks for their taxes, then they will see how much is leaving their hands. and then they will be engaged in the system. current system creates too many people indifferent, because they think they have no ability to change the system.

[cleller]

It might not be Air Force One, but Gov. Fallin is seeking disaster aid due to our drought conditions, wildfires, etc. And we will probably receive it, because that's what happens in this area - disasters. Then aid. Poor Oklahoma

Heh, many of these struggling looking Okie farms are sitting on top of minerals that are worth millions.

You'd be surprised how few current landowners own the minerals under their land. Very few. Not me, not any of my neighbors out here running cattle. Those minerals went to whoever got the land 110 years ago, and generally have been divided up over several generations. Imagine if your great grandfather bought 160 acres. He would have divided those rights over all the generations that follow. Still, only a fraction of the state has oil and gas currently producing. If they do produce, it is oil companies paying them for their minerals, not the government and taxpayers.

So, Oklahoma is a disaster area. The assistance with this is for those with homes burned by wildfires in 5 counties, plus a few more counties for drought. Pretty small scale. Most of this is just low interest loans, not government handouts like the corn farmers get.

[Midtowner]

Aren't there inheritance tax exclusions for family farms?

I hate that term death tax. There is nothing different about inheritance tax than any other form of tax. You can't give unlimited amounts of money to anyone before death without tax consequences. Any time money changes hands there are tax consequences. The "death tax" is no different.

IIRC, everyone gets a $5MM lifetime and estate combined allowance for no taxation. After that, I can't recall what the rate is.

[cleller]

IIRC, everyone gets a $5MM lifetime and estate combined allowance for no taxation. After that, I can't recall what the rate is.

Isn't this the deal that drops to $1 million, then a 55% tax rate if Congress does not change something prior to Jan 1? It still sound like a lot, but 1 million isn't what it used to be, especially when you consider an entire estate. Could have a rash of suspicious suicides in December.

http://money.cnn.com/2012/06/01/pf/t...ease/index.htm

[Midtowner]

Isn't this the deal that drops to $1 million, then a 55% tax rate if Congress does not change something prior to Jan 1? It still sound like a lot, but 1 million isn't what it used to be, especially when you consider an entire estate. Could have a rash of suspicious suicides in December.

http://money.cnn.com/2012/06/01/pf/t...ease/index.htm

We've got to fund our government somehow. I don't really have a problem taxing dead peoples' money.

[TheHumanAlphabet]

I do...