The False Argument for Family Farms - Death Tax (generations, attorney, how much)
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The myth of family farm estates paying the Death Tax/Inheritance tax.
The myth families losing the family farm to the Death Tax.
99.4 % of family farms do not pay any Death Tax.
“The nonpartisan Tax Policy Center estimates that only 120 farms and small business, where at least half the assets are in farm or business assets, had to pay the estate tax in 2013.”
“The U.S. Department of Agriculture estimates that with the exemptions, only 0.6 percent of farms would have to pay an estate tax.”
I read the article which said that some farms had to sell off acreage to pay for the inheritance tax. When you do that, the farm has less income producing property. That may cause it to fail down the road. After a few generations, how much of the farm will be left?
It is the concept of double taxation and ultimately government larceny that is at issue. there shouldn't be a tax that causes businesses or family farms to have to scramble to hang onto the legacy that ancestors have created.
The myth of family farm estates paying the Death Tax/Inheritance tax.
The myth families losing the family farm to the Death Tax.
99.4 % of family farms do not pay any Death Tax.
“The nonpartisan Tax Policy Center estimates that only 120 farms and small business, where at least half the assets are in farm or business assets, had to pay the estate tax in 2013.”
“The U.S. Department of Agriculture estimates that with the exemptions, only 0.6 percent of farms would have to pay an estate tax.”
So who really benefits from the elimination of the "Death Tax" ?
Why should anyone be subject to "inheritance tax?" That is paying tax on what has already been taxed previously. And why should the Federal Government be entitled to any of it? It's theft. It belongs to the heirs to whom the estate was left. It was considered to be "evil" by King Henry I:
The 1100 Charter of Liberties: Heirs shall not be forced to buy back their inheritance (Inheritance Tax).
I read the article which said that some farms had to sell off acreage to pay for the inheritance tax. When you do that, the farm has less income producing property. That may cause it to fail down the road. After a few generations, how much of the farm will be left?
It is the concept of double taxation and ultimately government larceny that is at issue. there shouldn't be a tax that causes businesses or family farms to have to scramble to hang onto the legacy that ancestors have created.
Exactly. The government should have no claim on any of it.
My dad's estate was small, but we had to pay tax on some of what he left us. It's a lie (or a myth) that most people aren't subject to paying inheritance tax. And my dad's estate was handled by an attorney, so I'm sure he knew what he was doing.
Id like to see enforced gains realized over inheritance tax. That being said. The OP is saying that the family farm argument often used as a sympathy argument is a spurious argument. Those 120 "family farms" are likely giant ranches where the family has other assets involved. At 5/10 Million exemption, that is not representative of what a "family farm" is 99.9% of the time.
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