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Bill Gates harvests $113 million in farmland in Nebraska and takes out $700 million in loans

Bill Gates harvests $113 million in farmland in Nebraska and takes out $700 million in loans

Over the past six years, billionaire Bill Gates has spent more than $113 million purchasing farmland in Nebraska and has taken out two loans totaling $700 million.

Gates owns about 20,000 acres of farmland in Nebraska, where longtime friend and fellow billionaire Warren Buffett lives. The agricultural land is owned by more than twenty shell companies.

Why would one of the richest people in the world need to take out a loan? Many wealthy individuals borrow against their assets when they need money to spend. If Gates were to sell the assets, he would generate taxable income, said University of Nebraska College of Law professor Adam Thimmesch.

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“If you can keep those assets until you die, all that taxable gain disappears. So the ideal tax planning technique, if you’re wealthy enough to be able to do it, is to invest in those valuable assets,” Thimmesch told me. the Flatwater Free Press.

Gates’ purchase of farmland is raising concerns in Nebraska because of his involvement with the Bill & Melinda Gates Foundation, which includes programs that address sustainability and climate change. If he donates the land to a nonprofit, it could become tax-exempt, which would “decimate” the counties where it is located, according to an email from Sen. Tom Brewer, a Republican whose district covers 11 rural counties.

“It would force legislative action to protect the counties,” Brewer wrote in an email to the Flatwater Free Press.

But Cascade Asset Management, the company that manages Gates’ farmland investments, says it has no ties to the foundation.

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“Cascade’s investments in agricultural land in Nebraska are not related to the Bill & Melinda Gates Foundation’s agriculture or climate initiatives,” a Cascade spokesperson said in an email to the Flatwater Free Press.

On an episode of Trevor Noah’s podcast in November, Gates said Cascade bought the land on his behalf because it was a good investment.

“The decision to buy this land was made by people who help manage my money so that we get a good return so that the foundation can buy more vaccines,” he said. “And they saw that if we could invest in land and improve the productivity of that land, it would yield a good return.”

Although some news outlets have reported that Gates owns most of America’s farmland, an Associated Press investigation found that this is not the case. Gates has acquired nearly 270,000 acres of land nationwide, but this is only a fraction of the nearly 900 million acres of farmland in America.

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This article Bill Gates Harvests $113 Million in Nebraska Farmland, Takes Out $700 Million in Loans originally appeared on Benzinga.com

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