3rdnlng Posted November 18, 2012 Share Posted November 18, 2012 http://www.foxnews.com/politics/2012/11/16/ranchers-farmers-brace-for-death-tax-impact/?intcmp=trending Two decades ago, Kester paid the IRS $2 million when he inherited a 22,000-acre cattle ranch from his grandfather. Come January, the tax burden on his children will be more than $13 million. For supporters of a high estate tax, which is imposed on somebody's estate after death, Kester is the kind of person they rarely mention. He doesn't own a mansion. He's not the CEO of a multi-national. But because of his line of work, he owns a lot of property that would be subject to a lot of tax. "Our number one goal is to repeal the estate tax, to get rid of it, not have it for every generation, when I die and my kids die and so on," he told Fox News. "For everyone to have to re-purchase the ranch or farm over and over for each generation, that's inherently unjust. So what we're doing is asking our politicians to understand that and repeal the estate tax." Read more: http://www.foxnews.com/politics/2012/11/16/ranchers-farmers-brace-for-death-tax-impact/?intcmp=trending#ixzz2CatE1qcU Link to comment Share on other sites More sharing options...
Oxrock Posted November 18, 2012 Share Posted November 18, 2012 Frank's favorite tax! I'm sure he'll chime in soon. Link to comment Share on other sites More sharing options...
B-Man Posted November 18, 2012 Share Posted November 18, 2012 Not exactly on topic, but with 3rdning's permission, I will put this here. What Does The Obama Administration Have Against Farmers? . Link to comment Share on other sites More sharing options...
Oxrock Posted November 18, 2012 Share Posted November 18, 2012 Not exactly on topic, but with 3rdning's permission, I will put this here. What Does The Obama Administration Have Against Farmers? . It's not 3rd ining.... it's 3rd-n-LoNG3rdnlng. LoL.... For the longest time I saw 3rd inning too. Link to comment Share on other sites More sharing options...
B-Man Posted November 18, 2012 Share Posted November 18, 2012 It's not 3rd ining.... it's 3rd-n-LoNG 3rdnlng. LoL.... For the longest time I saw 3rd inning too. Link to comment Share on other sites More sharing options...
Chef Jim Posted November 18, 2012 Share Posted November 18, 2012 This whole estate tax is crazy. It will probably go to a $1million exclusion with a max tax of 55%. And yes it kills farmers or people with large real estate holdings or a business. That tax is due in 9 months in cash. How can you expect someone to come up with that kind of money from an illiquid asset? People will have to sell family businesses to free up the capital to pay it. The only solution is an irrevocable life insurance trust to provide the liquidity to pay those taxes but that can be very expensive. And as a planner how can we plan when they keep moving the target? Link to comment Share on other sites More sharing options...
/dev/null Posted November 18, 2012 Share Posted November 18, 2012 The Government should get the land so they can build a grocery store and a bus station, no wait a free taxi hub, to pick up poor people in the city who don't have access to grocery stores Link to comment Share on other sites More sharing options...
VABills Posted November 18, 2012 Share Posted November 18, 2012 The Government should get the land so they can build a grocery store and a bus station, no wait a free taxi hub, to pick up poor people in the city who don't have access to grocery stores No they need a bakery and buy the recipe for Twinkies. Then the government can hire a bunch fo people, losing money on every too big to fail product that the mouth breathers want. Link to comment Share on other sites More sharing options...
Nanker Posted November 18, 2012 Share Posted November 18, 2012 Not exactly on topic, but with 3rdning's permission, I will put this here. What Does The Obama Administration Have Against Farmers? . It's not 3rd ining.... it's 3rd-n-LoNG 3rdnlng. LoL.... For the longest time I saw 3rd inning too. Eye maid that mistake two. I blame my I's. He's cool about it though... I think. No they need a bakery and buy the recipe for Twinkies. Then the government can hire a bunch fo people, losing money on every too big to fail product that the mouth breathers want. But the mouth breathers are so eloquent. They mouth the words as they silently read them. The merde have inherited their earth. Link to comment Share on other sites More sharing options...
BillsFanM.D. Posted November 19, 2012 Share Posted November 19, 2012 It's not 3rd ining.... it's 3rd-n-LoNG 3rdnlng. LoL.... For the longest time I saw 3rd inning too. You're not the only one....I've read it that way until exactly 15 seconds ago. .....and the inheritance tax is BS. Link to comment Share on other sites More sharing options...
boyst Posted November 19, 2012 Share Posted November 19, 2012 With the right planning and the work he can likely reduce it down...but I have not read the article. Getting his land in to a Land Trust Conservation Easement lowers the tax value by selling your subdivision rights. Incorporating can also do big things. !@#$ !@#$ !@#$, I really am pissed now, I read much of that article. There will be loopholes in this new document for farmers, there is WAY too much pressure by groups across the country. Farm Bureau, Livestock organizations, ADM, John Deere, too many people will put some screws down to not impose change. Yet, every voice helps, so if you have something to say contact your legislators. Without farms there is no food, despite hippy d-bags thinking you can eat vegan and how livestock are so inefficient... I think now I am just mumbling to myself and I really need to get to bed. Link to comment Share on other sites More sharing options...
3rdnlng Posted November 19, 2012 Author Share Posted November 19, 2012 With the right planning and the work he can likely reduce it down...but I have not read the article. Getting his land in to a Land Trust Conservation Easement lowers the tax value by selling your subdivision rights. Incorporating can also do big things. !@#$ !@#$ !@#$, I really am pissed now, I read much of that article. There will be loopholes in this new document for farmers, there is WAY too much pressure by groups across the country. Farm Bureau, Livestock organizations, ADM, John Deere, too many people will put some screws down to not impose change. Yet, every voice helps, so if you have something to say contact your legislators. Without farms there is no food, despite hippy d-bags thinking you can eat vegan and how livestock are so inefficient... I think now I am just mumbling to myself and I really need to get to bed. So, you didn't read the article and I'm full of schit (or manure in your case) but once you did read it you are really pissed at the thingy that was the focus of my post? We don't do Shoutbox here, unless it's Conner, Daffy and friends so bring at least a little to the table. Link to comment Share on other sites More sharing options...
boyst Posted November 19, 2012 Share Posted November 19, 2012 (edited) So, you didn't read the article and I'm full of schit (or manure in your case) but once you did read it you are really pissed at the thingy that was the focus of my post? We don't do Shoutbox here, unless it's Conner, Daffy and friends so bring at least a little to the table. HAH, well, I will keep that in mind. However, I put a lot on the table...just saying. I could cite many many instances, but this time I am going to wind down and go to bed. I have seen some of the most beautiful and desirable farmland destroyed to grow houses. You can say I need to bring something to the table here, but trust me...I put it on the table every day, my hands are dirty, I bleed to put it on the table...so until an issue like this effects you with what you live, bleed, and will die doing, your family legacy in jeopardy because of failed politics please do not ask me to bring more. Edited November 19, 2012 by jboyst62 Link to comment Share on other sites More sharing options...
3rdnlng Posted November 19, 2012 Author Share Posted November 19, 2012 HAH, well, I will keep that in mind. However, I put a lot on the table...just saying. I could cite many many instances, but this time I am going to wind down and go to bed. I have seen some of the most beautiful and desirable farmland destroyed to grow houses. You can say I need to bring something to the table here, but trust me...I put it on the table every day, my hands are dirty, I bleed to put it on the table...so until an issue like this effects you with what you live, bleed, and will die doing, your family legacy in jeopardy because of failed politics please do not ask me to bring more. Uh, I guess thanks are in order for validating my post? Link to comment Share on other sites More sharing options...
boyst Posted November 19, 2012 Share Posted November 19, 2012 Uh, I guess thanks are in order for validating my post? Welcome I worked very hard on that reply. It touched off on one of those "it'll impress one or the soft heart white knights" flavor. Nonetheless, I meant I will take what you said to heart. Link to comment Share on other sites More sharing options...
unbillievable Posted November 19, 2012 Share Posted November 19, 2012 For class equality to work, each generation has to start from nothing. At death, all assets should be redistributed for public use. (except for those few lords willing to swear fealty to the emperor) Link to comment Share on other sites More sharing options...
meazza Posted November 19, 2012 Share Posted November 19, 2012 For class equality to work, each generation has to start from nothing. At death, all assets should be redistributed for public use. (except for those few lords willing to swear fealty to the emperor) Brilliant. There is no such thing as equality. Link to comment Share on other sites More sharing options...
Gary M Posted November 19, 2012 Share Posted November 19, 2012 Brilliant. There is no such thing as equality. everyone gets an award for showing up, Link to comment Share on other sites More sharing options...
fjl2nd Posted November 20, 2012 Share Posted November 20, 2012 (edited) Frank's favorite tax! I'm sure he'll chime in soon. HA. Equal opportunity right? Isn't that what the right usually argues for? I am a supporter of the estate tax. The 0% rate a few years ago was ridiculous. Steinbrenner made out though. I do not want to see the rates go to 55% and $1M exclusion. The exclusion has to be higher than that. I'd go with a compromise of $5M exclusion with 40-45% tax rate. Either that or make special exemptions for farmers. EDIT: I don't understand the title of thread either. These rates that go into effect are not Obama. Just reverting to prior rates. Edited November 20, 2012 by fjl2nd Link to comment Share on other sites More sharing options...
3rdnlng Posted November 20, 2012 Author Share Posted November 20, 2012 HA. Equal opportunity right? Isn't that what the right usually argues for? I am a supporter of the estate tax. The 0% rate a few years ago was ridiculous. Steinbrenner made out though. I do not want to see the rates go to 55% and $1M exclusion. The exclusion has to be higher than that. I'd go with a compromise of $5M exclusion with 40-45% tax rate. Either that or make special exemptions for farmers. Are you sure? Do you want Ralph Wilson's heirs to have to pay 400 million in estate tax when he dies? Link to comment Share on other sites More sharing options...
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