“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.
I was talking about ‘wealth redistribution’. (Seems with this article the ‘Progressives’ are slightly backing off ‘Income redistribution’.)
The claim that the top 1% own the 34.5% of the wealth is so misleading. I have been trying to explain that assets have appreciated (land, equities, etc.).
I know what Ag commodities are doing. My business is Bulk Ag. Last year the average was down 38% from the year before, this year they’re predicting another 5% drop. And as you stated, ‘production costs have not come down significantly’.