Skip to comments.They Are Going To Make It Nearly Impossible To Pass On A Farm Or A Business To Your Children
Posted on 11/24/2012 6:59:49 AM PST by Lorianne
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If you have a farm or a small business, would you like to pass it on to your children when you die? Well, unless Congress does something, it is going to become much, much harder to do that starting next year. Right now, there is a 5 million dollar estate tax exemption and anything above that is taxed at 35 percent. But on January 1st, the exemption will go down to 1 million dollars and the tax rate will go up to 55 percent. A lot of liberals are very excited about this, because they believe that the government will be soaking wealthy people like Warren Buffett and Bill Gates.
But the truth is that a lot of farms, ranches and small businesses will be absolutely devastated by this change in the tax law. There are many farmers and ranchers out there today that do not make much money but are sitting on tracts of land that are worth millions of dollars. According to the American Farm Bureau, approximately 97 percent of all farms and ranches in the United States would be subject to the estate tax if the exemption was reduced to just a million dollars. That means that the children of these farmers and ranchers would be faced with a very cruel choice when it is time to inherit these farms and ranches.
Either they come up with enough money to pay the government about half of what the farm or ranch is worth, or they sell the farm or ranch that may have been in their family for generations. Needless to say, most farm and ranch families do not have that kind of cash lying around. Most of them are just barely making it from year to year. So this change in the tax law is going to greatly accelerate the death of the family farm in America. This is also going to devastate many family-owned small businesses. Many small businesses don’t make much money, but they have buildings or land or assets worth millions of dollars. Children that may have wanted to continue the family legacy will be forced to sell because of the massive tax bill that they get from Uncle Sam. This is an insidious cruelty, and it shows just how broken our system has become.
The desire to leave the wealth that you have worked so hard to accumulate all your life to your children is something that is common to virtually all human societies. We want to know that future generations will be taken care of.
Are we not slaves?
In the Communist Manifesto, Marx saidn that the dictatorship of the proletariat should wrest control of the means of production and distribution by outlawing inheritance, ie a 100% inheritance tax.
Yes, we are slaves. We are slaves to the collective. The question is what are we going to do about it?
That’s the intention! They are communists! They want ALL property in the hands of the collectivity! They think the American public won’t resist the big grab. (Half of the public has its head up its a$$ and won’t care - just don’t take away their 2 1/2 Men!)
Under communism, all the means of production and all property is in the hands of the collectivity! Every day and every way the democrats are moving closer to their goal! That’s the goal. If you think otherwise you are stupid.
By calling it an inheritance “tax” many people are fooled. (head up the a$$)
It’s not a tax. It’s confiscation.
“Are we not slaves?”
Yes because you want to be or you would do something about it instead of whining.
Does anyone really think that the politicians in Washington give a damn?
Watch this go through.
It’s a sure thing.
And people like Soros and rich politicians will suck up this land like a Vacuum.
For every farmer that gets screwed there is someone that is doing the screwing.Politicians make their fortunes sucking up to people who get richer and richer by buying politicians and getting them to pull sh*t like this.
You don’t thin Nancy Pelosi is in the Congress because she loves America do you. None of them are they are in ti to get rich and the paltry salary they make is nothing.
Sorry I was so pissed when I wrote that , that I messed up
The last sentence should say they are all in it to get rich, and their salary is nothing to what they make selling their vote.
“Are we not slaves?
Won’t be long now. The foundation has been laid, the votes have been counted and the edifice is about to be built.
Those who voted for it will think the chains are only for the evil “rich guy”.
They don’t know that the chains will fit anyone their masters may wish to muzzle. (With no due process)
Ya thought “you didn’t build that” didn’t have consequences?
I see dead people.
Therein lies the value of planning ahead. Most farms are privately owned but could be converted to corporations with the heirs in control. When the parents are gone the corporation lives on.
I try not to pretend the Republicans (Graham, McCain the insane and the rest of the GOP Senate) are not working with them to destroy
Anything that destroys the family, like this legislation, is involved.