Good step in the right direction.
When discussing ‘wealth inequality’, I often think they omit the appreciation of assets. Like farm ground purchased before the Great Recession @ ~$3000/acre now being valued @ ~$10,000/acre. It is important.
“Like farm ground purchased before the Great Recession @ ~$3000/acre now being valued @ ~$10,000/acre. It is important.”
Most of the price for farm ground occurred during the drought years when the price of commodities went up. What then happened was that real estate taxes on the ground then shot up. Commodity prices are now 1/3 to 1/2 of the high, the real estate taxes are at their high and production costs have not come down significantly. The only to benefit from the higher land prices is to sell and take the capitol gains tax hit.