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Thursday, December 13, 2012

526,421 Family Farms Threatened By New Death Tax

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.



Anonymous said...

as far as the government pigs are concerned, the whole world belongs to the government, and we are simply paying de facto rental payments on OUR OWN land in the form of property or myriad other taxes. if you are unwilling or unable (the pigs don't care if the latter is the case)to give them the vast amount of money they have ordered you to relinquish, they will then proceed to steal the land itself. YOUR land will then be sold to another tax paying victim of the system, and the whole sordid process will resume and continue thusly forever and ever and ever and ever.....or at least until the people decide they have endured all the abuse they can stand, and THAT day is drawing ever closer.

Anonymous said...

This is just the beginning. Keep electing those liberals to serve (?) you!