I think farmers are, in fact, the major non-wealthy group to get hit by the estate tax. IIRC, they're the poster children the Republicans always drag out to support the repeal. Basically, there's a subset of farmers who don't have a lot of cash on hand but have acres of farmland valued at over $1 million, meaning they have to sell the farm to pay the estate tax.
Frankly, I would rather make a special exception than repeal the whole tax for that narrow case.
And Prak, are you absolutely sure that one of the taxes affecting your family was the estate tax? Or that it was specifically the federal estate tax, as opposed to some kind of state inheritance tax?
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Absentminded_Wizard
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That's why there is a special exception.
Anyhow, when you transfer property to your heirs, it's up to local law when its value is set. In California, inheritance is the one way a property doesn't have to be set at the new value when transferred (the other is a sale of a holding company).
Thing is, there aren't any farmers who fit the bill. The Republicans have been looking for years. Farmers sold out to the banks years and years ago. And if any of the property were, say, donated... Like to the city or some charity or non-profit... That entire value is exempt from taxes.
-Crissa
Anyhow, when you transfer property to your heirs, it's up to local law when its value is set. In California, inheritance is the one way a property doesn't have to be set at the new value when transferred (the other is a sale of a holding company).
Thing is, there aren't any farmers who fit the bill. The Republicans have been looking for years. Farmers sold out to the banks years and years ago. And if any of the property were, say, donated... Like to the city or some charity or non-profit... That entire value is exempt from taxes.
-Crissa
It's idealisation of the archetype of the small farmer on the family farm, which doesn't exist as much as people would like to imagine it does anymore.Neeeek wrote:The idea that farmers are non-wealthy is pretty strange as a rule. Most farms at this point are owned by people making 200K+ a year.Absentminded_Wizard wrote:I think farmers are, in fact, the major non-wealthy group to get hit by the estate tax.
I saw a statistic once.IGTN wrote:It's idealisation of the archetype of the small farmer on the family farm, which doesn't exist as much as people would like to imagine it does anymore.Neeeek wrote:The idea that farmers are non-wealthy is pretty strange as a rule. Most farms at this point are owned by people making 200K+ a year.Absentminded_Wizard wrote:I think farmers are, in fact, the major non-wealthy group to get hit by the estate tax.
There's about two million people who work in agricultural jobs in the United States.
There's four million World of Warcraft subscribers.
He jumps like a damned dragoon, and charges into battle fighting rather insane monsters with little more than his bare hands and rather nasty spell effects conjured up solely through knowledge and the local plantlife. He unerringly knows where his goal lies, he breathes underwater and is untroubled by space travel, seems to have no limits to his actual endurance and favors killing his enemies by driving both boots square into their skull. His agility is unmatched, and his strength legendary, able to fling about a turtle shell big enough to contain a man with enough force to barrel down a near endless path of unfortunates.
--The horror of Mario
Zak S, Zak Smith, Dndwithpornstars, Zak Sabbath. He is a terrible person and a hack at writing and art. His cultural contributions are less than Justin Bieber's, and he's a shitmuffin. Go go gadget Googlebomb!
--The horror of Mario
Zak S, Zak Smith, Dndwithpornstars, Zak Sabbath. He is a terrible person and a hack at writing and art. His cultural contributions are less than Justin Bieber's, and he's a shitmuffin. Go go gadget Googlebomb!