Magic Man
Reaper of Conversation
So a person who is born on their farm who worked the farm since childhood should have to leave their farm and livelihood after working the land for 50+ years just because their parents died and they owe taxes they cannot afford to pay?
When faced with the fact that the farm had been in their family for generations, they should not have a problem with draconian 55% taxes that make it impossible to hand the land down to their children who have already worked the farm over 20 years?
These farms have already paid their taxes, the death tax is stealing from them and their children.
Hey, Rick, I don't need you to respond to me, but it would be good to at least read my replies to you. That way, you wouldn't continue to make false assertions like this and base your opinions on them. I'll refer you to my post earlier in the thread in response to you:
Too many muti-million dollar farms that were handed down for generations will not be handed down much longer. Many of these farms do not generate a 6 figure income and will have to be sold to pay the inheritance taxes.
Sorry, Rick, but that's just incorrect.
"The TaxPolicyCenter estimates that only 110 small-farm and small-business estates nationwide will owe any estate tax in 2011 if the 2009 estate tax levels are reinstated.[3] Since that figure also includes small business estates that are not farms, this means that fewer than 110 small-farm estates are likely to face the estate tax in 2011 if the 2009 rules are reinstated.
Moreover, this handful of taxable small-farm and small-business estates would owe only 11.3 percent of the estate’s value in tax, on average, according to the Tax Policy Center — well below the average effective tax rate of 18.9 percent for all taxable estates (and far below the top marginal rate for the estate tax of 45 percent under the 2009 rules).[4] One reason for the low effective tax rate is that the first $3.5 million of any estate (effectively $7 million for a couple) is entirely exempt from estate tax, and this large exemption generally protects a significant share of the value of small-business and small-farm estates from the tax. In addition, a number of special estate tax provisions targeted to small-business and small-farm estates (see page 4 for details) allow them to significantly reduce the amount of tax they owe, effectively increasing the exemption to $9 million per farming couple."
Link
Good job falling for the propaganda, though.
So:
1) It's not the death tax; it's the estate or inheritance tax (not that you're interested in unbiased terms).
2) It doesn't steal anything. It taxes inheritances.
3) The vast majority of farms and small businesses aren't even subject to the tax, and even the ones that are are able to pay the tax without selling the farm or business.
You can have any opinion you want, but please at least base it on actual facts.