« | »

526K Farms Threatened By Tax, Where’s Streep?

From the Washington Examiner:

526,421 family farms threatened by new death tax

By Paul Bedard | December 11, 2012

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.

According to the analysis from the Senate Republican Policy Committee, chaired by Wyoming’s John Barrasso:

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. The lower exemption — combined with soaring farm real estate values — could put more than 420,000 additional farm estates at risk from the death tax.

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. Up to 24 percent of America’s farm and ranch families could be forced to hand over a large chunk of their heritage to the Internal Revenue Service when a family member dies. This would economically devastate rural communities. The President and Senate Democrats should join Republicans in rejecting this irresponsible policy.

Quick! Call Meryl Streep! Call Sissy Spacek! Call Jessica Lange! They are famous for their deep concern over families losing their farms.

And speaking of economic experts, we have this from Politico:

180 economists oppose tax hike

By KATIE GLUECK | December 11, 2012

A letter signed by 180 economists opposed to tax increases as part of a fiscal cliff deal will be delivered to Congress on Wednesday, according to a national anti-tax group.

The letter argues that hiking tax rates would have a “significant, negative impact on the economy” and is slated to be sent to Capitol Hill on Wednesday, said Pete Sepp, executive vice president of the National Taxpayers Union, the low-taxes advocacy group that coordinated the effort.

“This was organized … in order to provide some perspective that’s often overlooked in Washington amid hotly contested and hotly political negotiations: the fact that the economic policy community has a contribution to make here,” Sepp told POLITICO. “We hope that members of Congress will take a step back to read this statement and understand there’s much more at stake here than just some political fortunes. There are genuine policy questions that need to be resolved and resolved properly.”

The letter’s signatories include Douglas Holtz-Eakin, who directed the Congressional Budget Office under President George W. Bush, and Jim Miller, who directed the Office of Management and Budget under President Ronald Reagan.

“Increasing taxes would likely slow or reverse our nation’s fragile economic recovery and undermine long-term growth,” the letter reads in part. “Restraining the growth of expenditures, however, would help stabilize the government’s fiscal imbalance and create a more conducive environment for robust expansion.” …

Notice that even these economists can’t bring themselves to call for spending cuts. They only call for "restraining the growth of expenditures."

Still, if there aren’t any movie stars on that list, why bother? Who cares what non-celebrities think?

This article was posted by Steve on Wednesday, December 12th, 2012. Comments are currently closed.

9 Responses to “526K Farms Threatened By Tax, Where’s Streep?”

  1. Mithrandir says:

    This is only what is richly deserved for all those farmers in Iowa, Wisconsin, Minnesota, Illinois, who GLADLY voted for democrats and Obama over the years.

    Farmers know all the subsidies and kick backs democrats have given them over the years, now it’s time to give back.

    Which sucks for them because farmers pass on the farm to their kids, and now the gov’t is going to take a healthy cut each and every generation until there is nothing left.

    It’s almost like a mafia, except you can satiate the mob.

  2. Chrispbass says:

    This is one of my favorite things to hate. One of those things that makes me shake my head and ask ‘why?’.
    Where is the rationale for this tax? 55, 50, 45, 40 whatever…
    If you inherit then you will eventually pay tax on that which you inherit.

    Not only does the gov suck money out of families, they effectively destroy/business farms because of the massive tax that is immediately owed up on inheritance. It would be hard to impossible for me to pay 50% on everything I own(owe) @ this point.

    • Mithrandir says:

      When you actually own something, you have already paid the proper taxes (many 1000s of times over), and legitimately own it. You USUALLY can give the things you own (and paid taxes on 1000s of times over don’t forget) to anyone you please, burn it, bury it, destroy it, it’s yours.

      The gov’t’s rationale is:

      If you give your property to someone else, they didn’t earn it (even though you DID), and therefore, made a gain that must be taxed (which already has been). So, you really don’t own your property to do what you choose, the gov’t does. Not only is it taxed 1000x over, but 1001 when you decide to transfer it to your family members.

      Normal people’s rationale is: If I already paid the tax penalty, it is no longer the gov’t’s business what I do with my own things. Whether someone receives it by earning or a gift, it’s a private transaction that is not subject to gov’t review.

      Time to hide your cash under your mattress again, so that you can transfer it to your family members without anyone knowing about it.

  3. electraglide says:

    Where is the rationale for this tax?

    The Communist Manifesto.

    Chapter 2, Item 3.

    Abolition of all right of inheritance.


    • Enthalpy says:

      Exactly! The march continues towards totalitarianism and enslavement. Where is the Boehner?

    • GetBackJack says:

      Boehner is in on it. Think of it this way … Longshanks promised rebellious Scottish nobles lands and titles if they would sabotage the Scots war for freedom. You know the rest of that History.

    • Chrispbass says:

      I dig but a lot of the tyrannical acts have SOME point that can be argued for. It’s for the children, they are our enemy etc…

      But this one is …. Hey someone died, give us 1/2.

  4. canary says:

    There is a Holy Bible scripture that says the day will come where it will take 10 people to make you 1 loaf of bread and you won’t like the way the bread tastes.

    Add the expensive skyrocketing EPA regulations farmers have to comply with there most likely will be 10 people behind getting one loaf of bread, and with the Obama’s new regulations of ingredients it makes sense, and most likely farms will be owned by the federal government or China will own the land. That is where we are headed.

« Front Page | To Top
« | »