Thursday, February 23, 2012

He May Not Be a Farmer

But he produces a lot of bull.
ThinkProgress noted last year that multi-millionaire movie star Tom Cruise manipulated a tax break meant to help struggling farmers in order to pay just $400 of property taxes on his $18 million Colorado estate. Cruise was able to pay so little because he allowed some sheep to graze on the estate, thus qualifying the land as agricultural and making it eligible for a big tax break.

According to the Miami Herald, Sen. Bill Nelson (D-FL) has done much the same thing, letting cows graze on a plot of land that he owns, which dramatically lowered his tax bill .

[...]

As Citizens for Tax Justice pointed out, there’s an easy fix for this problem, as states could just “replace current agricultural land valuation systems with an agricultural circuit breaker that makes property tax relief available only to real family farms.” “This would not only ensure that Senators and movie stars do not abuse the system, it would also better target those farmers most in need of property tax relief — the farmers for whom the tax loopholes were presumably written in the first place,” CTJ noted.

  Think Progress
Well, yes, but the guys making the laws would all lose the ability to get the tax break on their own land. So it may be easy, but how likely is it? On that day, I'd guess, Satan will be skating to work.

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