My Great-Grandfathers spent their lives putting our ranch and farm together. When they died we paid Estate Taxes. Had to sell some fringe land off to pay it. My Dad died. No Estate Tax paid. Because he owed more money than he was worth. My Grandfather died in 1997. I have spent the last 15 years paying off the taxes. 500,000 bucks worth. I live in a 900 square foot home. Drove crap pickups and had junk for equipment. But, kept it all together. Now if things do not change. The family after me. More than likely will not be able to hold it together. So a maybe a hundred years or so. Depending on the Good Lord. Of cumulative hard work and sacrifice will be all for not. Just so the Government can screw it off. For who knows what. It is a most onerous tax. Most ranchers and farmers are "land rich and cash poor".
This sucks, and you that voted for the new socialism can pat yourselves on the back now.
It really is a bunch of bull$hit that a family has to pay for the same ground over and over again. All while paying other taxes along the way. They sell it like it is a bunch of millionaires that can afford it but the reality is what you just described above.
You get less home for $250,00 almost everywhere every year.
Drive out to Elk City and see how little $250,000 will buy.
They want this land sold to ADM or one of the other corporate farmers because the Collective is more efficient, and the .gov can put the proceeds of the sale in their pocket.
Brilliant!
Brilliant!
I won't try to lay this at Obama's feet. How much blabbering have we heard for how long about the "death tax". Both parties have held all three houses of government and it's never been in danger of repeal yet.
It's both their faults. Let's secede from the union and we'll do away with it.
It's both their faults. Let's secede from the union and we'll do away with it.
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The Republicans have tried several times to do away with it but have never had enough of a majority to do it. There have always been a few RINOs that vote with the Dems when it comes to cutting taxes.
I'm afraid this is the exact situation I will find myself in when my Grandfather and Father pass. We own more land than we have money in the bank.
More BS
This is the most onerous and insidious tax of them all.
Some time back I saw a rancher in Montana I think, he had a several hundred head. After his business expenses he was bringing in about $70K per year. But by looking at his assets he was a multi-millionaire. His land, equipment and timber were worth in excess of 17 million. His grandfather had started the ranch in the late 1800s, his dad had expanded it, and it had been passed down to him and he had expanded it too. He said that when he died his heirs would be forced to sell it off because there was no way he had the money to pay the tax, and no way to bank the money beforehand. It was obvious that he had studied for a way to deal with this. For him there is just no way out, when he dies, the family ranch will be no more. The government will get it.
Some time back I saw a rancher in Montana I think, he had a several hundred head. After his business expenses he was bringing in about $70K per year. But by looking at his assets he was a multi-millionaire. His land, equipment and timber were worth in excess of 17 million. His grandfather had started the ranch in the late 1800s, his dad had expanded it, and it had been passed down to him and he had expanded it too. He said that when he died his heirs would be forced to sell it off because there was no way he had the money to pay the tax, and no way to bank the money beforehand. It was obvious that he had studied for a way to deal with this. For him there is just no way out, when he dies, the family ranch will be no more. The government will get it.
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