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There was discussion today that in 2011 the estate tax will go to 55% on estates over 1 million. I see this really hurting the small family business owner and the farmer and rancher who works the land.
No need to work hard and build a family business when you'll have to break it up to give most back to the Govt.
The truly wealthy will have tax shelters, trusts, corporations and other ways to avoid estate taxes.
A million dollars is not that much today, What is your take ?
Taxes have already been paid on the property and assets of the estate as they were earned. There is no moral justification for taxing estates (inheritance), it's a clear case of double taxation. But some of the Pro-tax people don't let that stop them, and see it as a convenient way to steal another's property.
yeah i live in an area with a lot of 4th and 5th generation ranches some are huge. many have family working day jobs to make ends meet. to the gov they are rich. to me they feed us
It's difficult for an individual today to purchase a section of land to farm or ranch, these are usually passed down through families. A fair size piece of land can easily fall in the $1-2 million price range. For a farmer or rancher to come up with his taxes will require them to sell most of the family farm.
Basically it will put a lot of people out of business.
There was discussion today that in 2011 the estate tax will go to 55% on estates over 1 million. I see this really hurting the small family business owner and the farmer and rancher who works the land.
No need to work hard and build a family business when you'll have to break it up to give most back to the Govt.
The truly wealthy will have tax shelters, trusts, corporations and other ways to avoid estate taxes.
A million dollars is not that much today, What is your take ?
The only acceptable estate tax is NO estate tax. Barring that I've made arrangements and will continue to make adjustments as necessary which will effectively keep my heirs from having to be burdened with it while denying Uncle Sam any of it.
There was discussion today that in 2011 the estate tax will go to 55% on estates over 1 million. I see this really hurting the small family business owner and the farmer and rancher who works the land.
No need to work hard and build a family business when you'll have to break it up to give most back to the Govt.
The truly wealthy will have tax shelters, trusts, corporations and other ways to avoid estate taxes.
A million dollars is not that much today, What is your take ?
What a great way to kill family farming in America. It is evidence that Democrats really do hate the people and are for an authoritarian state.
one ranch near me had to sell off some land to pay the gov. it is now a bankrupt subdivision producing nothing and will probably stay that way. but the out of state investors will have a healthy tax write off. so sad
It's curious to me that the staunchest supporters of unfettered capitalism don't seem to comprehend that it requires conditions in order to work properly. If all wealth is concentrated in the hands of a few, the system as a whole becomes much less effective. See: Many African countries, South Korea pre-reform.
As far as farmers and small business owners go:
Quote:
But despite the populist rhetoric and oft-repeated horror stories about families being forced to sell their farms in order to pay estate taxes, the battle is over a very large amount of money held by a very small number of families. A report last month by the Congressional Budget Office found that in 2000 only 2 percent of all estates - about 52,000 - were subject to any estate tax. At that point, taxes were imposed only on estates worth $675,000 or more. The limit rose to $1.5 million in 2004, and if that limit had been in effect in 2000, only 13,771 estates - fewer than 1 percent - would have been subject to the tax. All but 740 of them would have had enough in liquid assets to cover estate tax liabilities, the office estimated.
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