#3078196 - 12/13/12 09:09 PM
526,421 Family Farms
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Wes Parrish
16 Point
Registered: 06/12/02
Posts: 16954
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]
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TNtrapper
Good ol' Boys
6 Point
Registered: 10/25/07
Posts: 670
Loc: Henry co.
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Total BS! The 35 percent is bad enough........
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"A gun in the hands of a free man frightens and angers the GOVERNMENT, not because they fear the power of the gun, but, rather, the spirit of the man who holds it. "
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#3078253 - 12/13/12 09:41 PM
Re: 526,421 Family Farms
[Re: TNtrapper]
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AndyW
10 Point
Registered: 10/21/10
Posts: 3418
Loc: Allardt, TN
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This government does not fear its people any more. We're all pawns in the game.
_________________________
Don't mess with me. I'll run with scissors and not think twice.
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#3078309 - 12/13/12 10:37 PM
Re: 526,421 Family Farms
[Re: AndyW]
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BowGirl
6 Point
Registered: 07/20/09
Posts: 696
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]
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DaveB
8 Point
Registered: 09/03/08
Posts: 1774
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]
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BMan
14 Point
Registered: 02/06/06
Posts: 8909
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...
_________________________
Rules are for people who lose fights.
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#3078516 - 12/14/12 07:09 AM
Re: 526,421 Family Farms
[Re: BMan]
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waynesworld
8 Point
Registered: 05/13/12
Posts: 1439
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]
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W C
8 Point
Registered: 02/02/02
Posts: 2392
Loc: Alabama
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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]
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fishboy1
14 Point
Registered: 01/13/03
Posts: 9696
Loc: Warren Co
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Farmers should be looking for old wells or mine shafts to throw the politicians down.
_________________________
A gun in the hand is worth 2 cops on the phone. No one can name a single power the government has granted itself that hasn't been abused. Socialism is for losers http://amillerphotoevent.com
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