tag:blogger.com,1999:blog-2048715035467766557.post1934552855997886979..comments2024-03-03T04:40:39.492-05:00Comments on Fire Megan McArdle: A dishonest definition of wealthybradhttp://www.blogger.com/profile/06907349163323395529noreply@blogger.comBlogger5125tag:blogger.com,1999:blog-2048715035467766557.post-56060897712019974042008-05-15T01:15:00.000-04:002008-05-15T01:15:00.000-04:00Anon, I prefaced my comments with an admission of ...Anon, I prefaced my comments with an admission of ignorance. You clearly have specific knowledge I don't, despite your snark. I don't know what is and isn't deductible, I simply know farms generally, as M. noted, bank on the coming crop to make debts and income balance.<BR/>I made a mistake in not noting it was adjusted gross income. All I can say is even when I disagree with the conclusions someone like Surowiecki comes to, I understand why they did and the basic context of the issue. Had Megan and Posner provided good arguments I would not have to try to wander through an unfamiliar field on my own. And their arguments were my target, not the merits of the farm bill.bradhttps://www.blogger.com/profile/06907349163323395529noreply@blogger.comtag:blogger.com,1999:blog-2048715035467766557.post-30586443512285241652008-05-14T23:45:00.000-04:002008-05-14T23:45:00.000-04:00Gross Income ≠ Adjusted Gross Income.Gross Income ≠ Adjusted Gross Income.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2048715035467766557.post-66705817760959066212008-05-14T22:38:00.000-04:002008-05-14T22:38:00.000-04:00You don't have to know anything about farming to k...You don't have to know anything about farming to know what adjusted gross income is. The average "Net Farm Income" (which is a component of AGI, not net farm sales, or whatever super clever point you thought you were making) was $25K, last year. The only type of farm that on average produced more than $200K in Net Farm Income was Very Large family farms--even non-family farms produced, on average, less than $200K.<BR/><BR/>This really is about giving Sam Donaldson and Scotty Pippen free money--people who make lots of money in other ways, but happen to like owning farms. And about giving free money to ADM, an evil, mega-agricultural company that needs free money as much as Unocal and Chevron do.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2048715035467766557.post-74577134371136680222008-05-14T21:47:00.000-04:002008-05-14T21:47:00.000-04:00I know less than nothing about farming, but if I'm...I know less than nothing about farming, but if I'm not mistaken, most family/individual farms (as opposed to agri-biz industrial farms) are pretty much beholden to banks. Apparently if there's a drought, a crop blight or whatever, Mr. Farmer may not have much income in any given yr., & may have to go the bank to tide him over. <BR/><BR/>I still have no idea about the farm subsidies, but it's very unlikely many farmers are profiting anywhere near six figures.M. Bouffanthttps://www.blogger.com/profile/04519088858760760560noreply@blogger.comtag:blogger.com,1999:blog-2048715035467766557.post-21007046621718643302008-05-14T20:16:00.000-04:002008-05-14T20:16:00.000-04:00Megan engaging in dishonest debate about wealth an...Megan engaging in dishonest debate about wealth and / or class issues? The hell you say!!spencerhttps://www.blogger.com/profile/01770056727940292951noreply@blogger.com