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#3078196 - 12/13/12 09:09 PM 526,421 Family Farms
Wes Parrish
16 Point


Registered: 06/12/02
Posts: 18645
Loc: Knoxville-Dover-Union City, TN

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New legislation that jumps the death tax to 55 percent of estates exceeding $1 million threatens 526,421 family farms, of about 25 percent of all farms in America, according to a Senate analysis.

If President Obama and Senate Democrats do not act, the federal government will begin taking more than half the value of family farm estates exceeding $1 million beginning next year. This summer, Majority Leader Harry Reid and Senate Democrats passed legislation (S.3412) on a party-line vote that allows Washington to take up to 55 percent, a huge increase over today's top rate of 35 percent, and drop the tax's exemption from $5.1 million to $1 million.

Farm values are largely tied up in non-liquid assets like land, buildings, and livestock. Many farm and ranch families would be forced to sell their assets to satisfy Washington Democrats' insatiable appetite for tax money.

http://washingtonexaminer.com/632281-fam...58#.UMqYqnc8qSq

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#3078246 - 12/13/12 09:38 PM Re: 526,421 Family Farms [Re: Wes Parrish]
TNtrapper
Good ol' Boys
6 Point


Registered: 10/25/07
Posts: 775
Loc: Henry co.

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Total BS! The 35 percent is bad enough........
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Lo, then would I wander far off, and remain in the wilderness; Selah Psalm 55:7

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#3078253 - 12/13/12 09:41 PM Re: 526,421 Family Farms [Re: TNtrapper]
AndyW
10 Point


Registered: 10/21/10
Posts: 4123
Loc: Allardt, TN

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This government does not fear its people any more. We're all pawns in the game.
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This fall, FIRE THEM ALL. Re-elect NO ONE!!!!!

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#3078309 - 12/13/12 10:37 PM Re: 526,421 Family Farms [Re: AndyW]
BowGirl
6 Point


Registered: 07/20/09
Posts: 729
Loc: Tennessee

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It says alot about the type of individual who thinks its ok to swoop in after a family member passes and steal half of it. 1% is classless. Whomever came up with that idea is scum bag. lol Death tax...what a bunch of hockey.
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#3078323 - 12/13/12 10:57 PM Re: 526,421 Family Farms [Re: BowGirl]
DaveB
10 Point


Registered: 09/03/08
Posts: 3133
Loc: Shelby County

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Lawyers pushed for this because now, it will be absolutely a requirement that your estate be distributed to your heirs long before you die, and all that takes a lawyer and lots of long green. Break up the farm into pieces small enough to come under the $1 million mark.
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#3078430 - 12/14/12 05:39 AM Re: 526,421 Family Farms [Re: DaveB]
BMan
16 Point


Registered: 02/06/06
Posts: 10083
Loc: Middle TN

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If I were a farmer, or any other business owner, I'd be looking at forming an LLC...
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#3078516 - 12/14/12 07:09 AM Re: 526,421 Family Farms [Re: BMan]
waynesworld
8 Point


Registered: 05/13/12
Posts: 1470
Loc: Mboro, Tennessee

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Most farms over 1 mil are llc of some sort but death tax still comes into play on llc and any c operation unless it is given in a structured way not to raise to gift tax and death tax. And attorney and CPA's are probable the seed behind this weed we have entangled in our tax system.

But This is our own fault this tax was phased out but it was done on a temp basis not perm. Now that may have been the compromise they had to do or maybe it was thought that it would guarantee the rep would be able to use it to beat the dems. All I know is it is bad legislation to have some thing phased out and then be temp.

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#3078682 - 12/14/12 08:49 AM Re: 526,421 Family Farms [Re: BMan]
W C
8 Point


Registered: 02/02/02
Posts: 2496
Loc: Alabama

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 Originally Posted By: BMan
If I were a farmer, or any other business owner, I'd be looking at forming an LLC...


or Revocable Living Trust
_________________________
Obama gets to have it both ways. He claims black from his father and American from his mother. Claiming to be a white Kenyan wouldn't get him very far though would it?

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#3078697 - 12/14/12 08:57 AM Re: 526,421 Family Farms [Re: W C]
fishboy1
16 Point


Registered: 01/13/03
Posts: 10489
Loc: Warren Co

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Farmers should be looking for old wells or mine shafts to throw the politicians down.
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#3078719 - 12/14/12 09:07 AM Re: 526,421 Family Farms [Re: fishboy1]
waynesworld
8 Point


Registered: 05/13/12
Posts: 1470
Loc: Mboro, Tennessee

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 Originally Posted By: fishboy1
Farmers should be looking for old wells or mine shafts to throw the politicians down.


Just mix them in when they ploy sense they are full of crap it should mix well with the fertilizer. Probably have a bumper crop that year and be able to enjoy the profit rather then give it back to the govt.

If we throw them in the wells it would contaminate the water supply \:\)


Edited by waynesworld (12/14/12 09:07 AM)

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#3078734 - 12/14/12 09:12 AM Re: 526,421 Family Farms [Re: W C]
waynesworld
8 Point


Registered: 05/13/12
Posts: 1470
Loc: Mboro, Tennessee

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 Originally Posted By: W C
 Originally Posted By: BMan
If I were a farmer, or any other business owner, I'd be looking at forming an LLC...


or Revocable Living Trust


WC you have to be real carefull with these also they have to be done just right as there are gift laws along with death tax and rules for generation skipping. It is a real nightmare part of tax law that is why some people specialize in it, and you really pay for it. But for most people they are not impacted by it. Like my wifes father and brother are farmers and even though the business is over a mil it has over 3 kids so it could get exempted. Farms with only one kid or no kids that gets real ugly.

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#3078966 - 12/14/12 11:27 AM Re: 526,421 Family Farms [Re: BowGirl]
Wes Parrish
16 Point


Registered: 06/12/02
Posts: 18645
Loc: Knoxville-Dover-Union City, TN

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 Originally Posted By: BowGirl
It says alot about the type of individual who thinks its ok to swoop in after a family member passes and steal half of it. 1% is classless. Whomever came up with that idea is scum bag. lol Death tax...what a bunch of hockey.

Oh, but the overall situation is so much worse than it appears!

Long before the death tax comes into play on any estate, consider how much property tax has been paid over the years, consider how much sales tax has been paid (with all the items & equipment used continuously), and the list could go on and on.

Lastly, whomever inherits anything, whether it be real property or money, they then start paying a multitude of ongoing taxes (such as property & sales) no matter what they do AFTER the "estate" tax is paid.

But then, I have a problem with a new car that is later sold several times as a "used" car, resulting in the repeated collection of new sales tax from each purchaser. The total sales tax paid can end up approaching half the original cost of the car!

So many, so high, and so repeated TAXES are the main reason our economy is struggling in the global marketplace. We will never be able to compete with so much of our gross national product (the fruits of all our labors) simply going to taxes and paying government bureaucracy (which is now producing almost nothing but more debt, requiring more taxes to pay the increasing debt).

The only reasonable answer to solving our economic problems is less government.

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#3079031 - 12/14/12 12:05 PM Re: 526,421 Family Farms [Re: Wes Parrish]
Pic IN the Casa
14 Point


Registered: 03/18/11
Posts: 8907
Loc: TN

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There's only ONE way to fix all of this and I don't think many in this country are up for it.
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