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Old 11-18-2012, 05:13 PM
 
114 posts, read 89,812 times
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Heirs are going to be hit hard by this if it goes up to 55% when the Bush tax cuts expire in January The current rate is 35% and Obama wants it raised to 45%. This will cause many farms and ranches to be seized if the children can't come up with the money to pay the tax. I know several farmers on a personal basis who have tens of thousands of acres and they dread this for their children. I didn't know this but according to the article, under Franklin Delano Roosevelt, the tax rose to 77 percent. Can you imagine if it was 77% today? I say get rid of the tax all together ..........Ranchers, farmers brace for 'death tax' impact | Fox News
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Old 11-18-2012, 05:16 PM
 
Location: Where they serve real ale.
7,242 posts, read 7,267,539 times
Reputation: 3497
FACT: The estate tax has not impact ANY farmers or ranchers in the last 40 years. Not a single one. If you think you can find an example of where it has hit a farmer or rancher than you can make $1 million. That's the reward offered for anyone who can prove it hit even just one family farm or family owned ranch.

It just doesn't happen because the $1 million has been on the table for the last decade but no one has yet claimed it.
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Old 11-18-2012, 05:16 PM
 
Location: Sango, TN
24,874 posts, read 22,748,172 times
Reputation: 8659
Quote:
Originally Posted by Mr. White View Post
Heirs are going to be hit hard by this if it goes up to Obama's proposal of 45%. This will cause many farms and ranches to be seized if the children can't come up with the money to pay the tax. I know several farmers on a personal basis who have tens of thousands of acres and they dread this for their children. ..........Ranchers, farmers brace for 'death tax' impact | Fox News
Most farmers and ranchers I know don't farm their land anymore. They pay large farming operations to come in and lease the land to them for a percentage of the profit on the crop, or just pay someone else to farm it and get all of the left over profit.

Most lease it.

Fact is farming today takes a great deal of equipment that is to costly for people who own less then 5,000 acres.
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Old 11-18-2012, 05:38 PM
 
Location: it depends
6,073 posts, read 5,809,049 times
Reputation: 5775
Quote:
Originally Posted by Think4Yourself View Post
FACT: The estate tax has not impact ANY farmers or ranchers in the last 40 years. Not a single one. If you think you can find an example of where it has hit a farmer or rancher than you can make $1 million. That's the reward offered for anyone who can prove it hit even just one family farm or family owned ranch.

It just doesn't happen because the $1 million has been on the table for the last decade but no one has yet claimed it.
Really? Any county-seat lawyer in farm country can point you to dozens of farm families that have had to pay large federal estate taxes. I think the reward you speak of is a lot more tightly worded than whether or not it "hit" a farm family.
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Old 11-18-2012, 05:43 PM
 
Location: Vermont
11,207 posts, read 12,807,666 times
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Here's an important fact in this debate: there is no such thing as a death tax. It's one more Republican lie.
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Old 11-18-2012, 05:47 PM
 
Location: it depends
6,073 posts, read 5,809,049 times
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Quote:
Originally Posted by jackmccullough View Post
Here's an important fact in this debate: there is no such thing as a death tax. It's one more Republican lie.
Then how does everyone know exactly which tax they are talking about? Is it because it is a tax on the property of a person that is payable only after their death? Could that be it?
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Old 11-18-2012, 05:52 PM
 
17,259 posts, read 10,879,549 times
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Many people who own a large business that has grown to a huge amount buy life insurance to pay the estate tax. There are lenders who loan the money to buy the insurance, too.

I want to see the family that lost the farm due to estate taxes. There are 14 houses on my block in suburban Houston. Three of my neighbors are retired. They still collect US government subsidy payments on farm land that has been leased out for 20 years. They can buy insurance with the lease payments if they fear taxes.
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Old 11-18-2012, 05:55 PM
 
Location: Lafayette, Louisiana
14,089 posts, read 25,833,321 times
Reputation: 8027
Would you prefer calling it "mourning tax" since it hits the surviving family while they're still mourning the "death" of their loved one?
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Old 11-18-2012, 05:55 PM
 
Location: Barrington
59,506 posts, read 40,835,350 times
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Less than 2% of Americans are subject to inheritance tax.
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Old 11-18-2012, 05:56 PM
 
Location: Sango, TN
24,874 posts, read 22,748,172 times
Reputation: 8659
Quote:
Originally Posted by crone View Post
Many people who own a large business that has grown to a huge amount buy life insurance to pay the estate tax. There are lenders who loan the money to buy the insurance, too.

I want to see the family that lost the farm due to estate taxes. There are 14 houses on my block in suburban Houston. Three of my neighbors are retired. They still collect US government subsidy payments on farm land that has been leased out for 20 years. They can buy insurance with the lease payments if they fear taxes.
Exactly, most of the "old farmers" or "small farmers" don't exist anymore. They lease out the land to a large farming operation and get a percentage of the profit, or they just lease it for a flat out fee. And then still others just lease the land to the government not to farm it.

More Fox News spin.

My family owns their own business that I don't participate in. But since I'm my dads sole heir, he has life insurance in a value that will pay for the taxes that I will owe on his half of a million dollar business. Then I can either keep taking profits from it thats run by someone else, run it myself, or sale to his partners, which is what I'll most likely do.

Its also why I have a million dollar life insurance policy on myself, for my kids.
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