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.
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.
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.
The laws were like this years ago and that is why the ranch my husband’s family owned had to be sold when his father died, no way there was enough money to pay the taxes without selling the ranch. That issue was fixed when it was realized that was the number one reason family farms and ranches were going under. Now looks like it will be a problem again. Add to it that many of the land valuations are unrealistic, many ranches and farms cannot actually be sold for what they are valued at.
Create a corporation. Place all privately held stocks of that corporation into a blind trust. Hire family as employees of said corporation. Stocks never change hands, so a dead employee changes nothing, no taxes paid. No?
the ‘government’ wants the land and what it produces...or prohibits.
America will be a 3D museum.
Deed the land over to your children years before you die.
In a nutshell, regardless what FDR's activist justices wanted everybody to believe about Congress's Section 8 powers, given that Section 8 doesn't say anything about family issues like inheritance, or anything else pertaining to families including healthcare, the Founding States had made the 10th Amendment to clarify that such issues are automatically and uniquely state power issues.
But more importantly, Justice John Marshall had officially clarified in general that Congress is prohibited from laying taxes in the name of state power issues, essentially anything that it cannot justify under Section 8.
"Congress is not empowered to tax for those purposes which are within the exclusive province of the States." --Justice John Marshall, Gibbons v. Ogden, 1824.
Again, since you will not find any clause in Section 8 that reasonably addresses inheritance issues, inheritance is automatically a 10th Amendment proctected state power issue. Congress is therefore not authorized to make laws regulating inheritance, incuding establishing inheritance taxes, any more than it can make laws which regulate our 1st Amendment protected rights.
The bottom line question is this. Who is the real enemy to our constitutional republic, corrupt Congress, or voters who don't know about Congress's Section 8-limited powers? "Patriots" can sleep in the bed of ignorance of Congress's Section 8-limited powers that they have made for themselves.
The suck state MN alreadys has the 1M limit and hi tax rate over that, and I am dealing with it.