They’re people explicitly looking to dodge taxes by converting their accumulated wealth into an untaxable asset. So you’re not seeing small farmers shielded from consolidation thanks to inheritance taxes. You’re seeing celebrities and mega-millionaires shielding cash assets behind an accounting trick.

This is exactly what the policy is aiming to address. Even if it doesn’t fix the consolidation of farmland by big companies, I don’t see how addressing this loophole is a bad thing, especially when you describe the drawback to it as having already happened anyway