Ranchers, farmers brace for 'death tax' impact

[Dr. HK]

I think if they are going to do this (raise death taxes) there has to be some exclusions. Farm land that is truly farm land should be in those exclusions. This can affect our vital food chain, in a negative manner. I am sure many of you know people in OK that has bought acres of land bought a few goats and called it a farm to get tax benefits.

 

[ronny]

I was being sarcastic. The vast majority of homes over $250,000.00 are in blue states and the film industry craps their panties every time someone mentions bringing back the movie tax.

I wasn't picking on you. Just used your figure because it was there. The point remains the same.

 

[Dr. HK]

I'm still shocked at reading how much professional sports franchises get away with not paying due to their "non-profit" status. The government could make up a fair bit of tax revenue there...

YES!!! I agree! 100% On addition They should focus on churches with more than one location as that tells me it is a business.

 

[farmerbyron]

I think if they are going to do this (raise death taxes) there has to be some exclusions. Farm land that is truly farm land should be in those exclusions. This can affect our vital food chain, in a negative manner. I am sure many of you know people in OK that has bought acres of land bought a few goats and called it a farm to get tax benefits.

The estate tax only kicks in one estates over 1mil. So hobby farms would not be affected. If you farm for a living though you can get over a mil worth of property & equipment pretty fast. Especially when you figure in appreciation of land.

 

[HackerF15E]

It is unbelievable that in 'the land of opportunity' we have people that think this way:

"The idea behind the estate tax is to prevent the very wealthy among us from accumulating vast fortunes that they can pass along to the next generation," said Patrick Lester, director of Federal Fiscal Policy with the progressive think tank -- OMB Watch.

So, we don't want to allow the accumulation of wealth. YGBSM.

Personally, I'd love to accululate wealth and pass it along to my kids, to ensure they are taken care of. Guys like this want to ensure if I accumulate wealth, it takes care of someone else besides me or my family.

 

[ronny]

YES!!! I agree! 100% On addition They should focus on churches with more than one location as that tells me it is a business.

You feel a church becomes a business when it gets two locations? Any particular logic to that thought process?

 

[ez bake]

You feel a church becomes a business when it gets two locations? Any particular logic to that thought process?

If one location sends money to the other in sort of a "branch-office / main HQ" then I absolutely do.

 

[ronny]

Actually, I asked for the logic in that conclusion. I realize you think it's a business; I'm only asking why. What is there about a church havaing a second location which causes you, or anyone, to think it has crossed some kind of threshhold for taxation which wasn't there before?.

 

[WTJ]

This is the Third Generation. Back to shirtsleeves veeeeery soon, methinks.

 

[tntrex]

The estate tax only kicks in one estates over 1mil. So hobby farms would not be affected. If you farm for a living though you can get over a mil worth of property & equipment pretty fast. Especially when you figure in appreciation of land.

and barns too. its so dumb