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


Registered: 06/12/02
Posts: 19470
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: 870
Loc: Henry co.

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Total BS! The 35 percent is bad enough........
_________________________
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: 4566
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: 4764
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: 10670
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: 1489
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
10 Point


Registered: 02/02/02
Posts: 2565
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: 10574
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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If you can't trust people with freedom, how can you trust them with power ?




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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: 1489
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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