Biden’s new extreme tax hike and double tax plan would be the end of Florida citrus

[ShyBiGuy954]

Biden’s new extreme tax hike and double tax plan would be the end of Florida citrus

https://www.msn.com/en-us/money/mar...would-be-the-end-of-florida-citrus/ar-AAMPpdr

No industry is more synonymous with our great state of Florida than citrus. We’re more than the Sunshine State’s signature crop, we’re economic drivers that contribute nearly $7 billion to our state’s economy each year and support more than 33,000 jobs for Florida families.

But there are massive, industry-killing tax increases coming out of Washington, D.C., that could be the lethal blow to Florida citrus, making this industry just the latest American icon shipped overseas and lost to foreign competition.

President Joe Biden has introduced a proposal that will impose a 43% tax on growers when they sell one area of land for another. What’s more, the president’s new tax proposal will impose a double tax on farms passed from generation to generation. Most growers will have no choice but to cave to the pressures of development, sell their land to builders and end the efforts to grow and harvest our food....

 

[pecksniff]

There will be a Florida citrus industry so long as there is a market, just because Florida citrus is better than California's. The worst possible consequence here is not sale of groves to builders, but to agribiz (corporations don't have to worry about inheritance tax because they never die).

 

[ll74]

The argument is incomplete. It describes a situation in which the tax plan would impact growers, though fails to demonstrate the number of growers which participate in the scenario as well as the frequency which it occurs.

Based on that description, this could impact one farmer in Florida, once in a decade, or it could impact 1000 growers once a year. The insinuation is certainly the latter....though I doubt that is correct.

Capital Tax loopholes are used typically for people to avoid paying taxes by using bullshit "like for like" gifts.....reform is badly needed as too many exploit these loopholes in order to not pay any taxes.

 

[Bud_Spencer]

There will be a Florida citrus industry so long as there is a market, just because Florida citrus is better than California's. The worst possible consequence here is not sale of groves to builders, but to agribiz (corporations don't have to worry about inheritance tax because they never die).

There is only a market for anything at certain price. If costs rise, as they apparently will under the scheme of this demented cipher, then either profits will fall and drive some out of the market or prices will rise, driving consumers out of the market. Either way, less citrus is being produced and sold.

 

[pecksniff]

Your great-grandchildren will drink Florida orange juice.

 

[Bud_Spencer]

Your great-grandchildren will drink Florida orange juice.

Mine probably will, they're all making good money. If you're not in the top echelons of income, you likely will only have it as a luxury good.

 

[Sean Renaud]

There is no way this particular tax will destroy Florida citrus. It might as a lot of things do accidently harm the little guy but that's a separate issue entirely. These doom and gloom articles over taxes NEVER seem to come to fruition.

 

[phrodeau]

Same story as the California “bacon crisis.” We’ll be facing a shortage of citrus-infused hair conditioner and bacon vodka.