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526,421 Family Farms Threatened

Mike

Well-known member
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.
 

Traveler

Well-known member
Are all of the rich celebutard, and other wealthy Obama/Dem supporters okay with this? It affects so many besides ag and small business.

I can see the union thugs, like those unruly vandals protesting in Michigan, would support taking property that rightfully belongs to others, to fund their seriously underfunded pensions, because that's just their modus operandi. But how many people really want the government to have their heir's inheritance? Hell, there are areas where many homes cross well over the threshold.
 

Hereford76

Well-known member
i've had three outfits here to appraise land & buildings, cattle, and equipment. meeting with farm credit tommorrow to buy ranch from my folks for so much and they can use a one lifetime exemption and gift the remainder (don't know the right lingo). 1st of the year the tax on inheritance goes from 5 mil or maybe 5.5 mil down to 1 mil and this place will be in the range. should be able to avoid any tax if i just get this done - lot more work than i thought it was going to be and down to the wire. actually meet with banker, accountant, and lawyer monday too. going to do my best so OT don't get a chunk of this place. :wink: :lol:
 

Trinity man

Well-known member
We set our place up as partership. With my dad passing my mom has 50% and I have 50% of just under a thousand ac with only 5 hd of cattle we own. This is one reason I run stocker calves for feedlots and not really own a lot of cattle. When my mother passes her 50% will be the only part I have to worry about and I don't think it will be over a million.
 

Hereford76

Well-known member
Trinity man said:
We set our place up as partership. With my dad passing my mom has 50% and I have 50% of just under a thousand ac with only 5 hd of cattle we own. This is one reason I run stocker calves for feedlots and not really own a lot of cattle. When my mother passes her 50% will be the only part I have to worry about and I don't think it will be over a million.

so what if obama and OT get it dropped down to any $ inheritance?
 
A

Anonymous

Guest
Hereford76 said:
Trinity man said:
We set our place up as partership. With my dad passing my mom has 50% and I have 50% of just under a thousand ac with only 5 hd of cattle we own. This is one reason I run stocker calves for feedlots and not really own a lot of cattle. When my mother passes her 50% will be the only part I have to worry about and I don't think it will be over a million.

so what if obama and OT get it dropped down to any $ inheritance?

Should be able to set up an undivided interest partnership with his mom too- so that when she passes the rest belongs to him- and her name is just removed from the ownership records...She can also gift him so much of her share each year until he owns it..
Everyone needs to talk with a good Ag attorney as there are many ways around inheritance tax...

I'm not a big fan of inheritance tax- but I think one of the things that is tougher on some ranchs especially with rising values is capital gains tax...
It has hit more ranchers years down the line when thinking of retirement than anything else- especially on family farms that were passed on from generation to generation... How do you put added value/expense on 30-40 years of working on the place :???:
 

Whitewing

Well-known member
Oldtimer said:
Hereford76 said:
Trinity man said:
We set our place up as partership. With my dad passing my mom has 50% and I have 50% of just under a thousand ac with only 5 hd of cattle we own. This is one reason I run stocker calves for feedlots and not really own a lot of cattle. When my mother passes her 50% will be the only part I have to worry about and I don't think it will be over a million.

so what if obama and OT get it dropped down to any $ inheritance?

Should be able to set up an undivided interest partnership with his mom too- so that when she passes the rest belongs to him- and her name is just removed from the ownership records...She can also gift him so much of her share each year until he owns it..
Everyone needs to talk with a good Ag attorney as there are many ways around inheritance tax...

I'm not a big fan of inheritance tax- but I think one of the things that is tougher on some ranchs especially with rising values is capital gains tax...
It has hit more ranchers years down the line when thinking of retirement than anything else- especially on family farms that were passed on from generation to generation... How do you put added value/expense on 30-40 years of working on the place :???:

So here we have OT giving advice to forum members of how to avoid and or lower inheritance taxes.

The same OT who whines about the wealthy not paying their fair share....those same wealthy, of course, doing exactly what OT is recommending to fellow forum members.....avoiding or lowering their tax burden through legal loopholes.

If I was a cynic, which I'm not......... :roll:
 

Whitewing

Well-known member
Wow, I had to look all the way back to last month to find the windbag whining about tax loopholes for the wealthy. In this case whining about Romney legally avoiding taxes. Who'd a thunk it? :roll:

Oldspeakswithalcoholsoakforkedtongue said:
Well-one thing if Romney gets in he will know all the tax loopholes for the ultra wealthy to use...
The question is will he use than knowledge to help the country-- or his ultra wealthy buddies :???:

http://ranchers.net/forum/posting.php?mode=quote&p=590202
 

hopalong

Well-known member
WOW oldtimer caught again, who whould have thought that he would get caaught in an such a thing as lying :wink: :roll: :roll: :roll:
 

Whitewing

Well-known member
The example sited Hoppy isn't necessarily a case of OT lying about the subject at hand. It is a case though of showing how intellectually dishonest OT is.

For instance, in a phone call to me he proclaims he's "really quite conservative". We all know this to be bull crap.

If you want to see how conservatives think, look at some of the responses in the thread I linked above where OT was whining about Romney and his "ultra rich" buddies. To a person, everyone of them said much the same thing......taking advantage of legal loopholes in the tax laws is not only moral, it's the intelligent thing to do.....regardless of wether one is saving $1 or $1 billion.

That's how conservatives think.

Now, had I not posted this comment before OT could respond, he'd have probably come back with some smart answer about how the average guy here that he's helping isn't in the ultra rich category. And technically, I suspect that's correct. But again, that really has nothing to do with anything.

TrinityMan thinks his mother's share of the place MIGHT reach $1MM. Yeah, that's a decent sum of money, but we all know it's not ultra rich. However, to the guy who's making minimum wage, or living off the gubmint, $1MM sounds like someone who's ultra rich.

Therein lies the problem.

Voters like OT who demonize others solely based on vague terms about their wealth are what's wrong with America today. And they are the people who will ultimately lead to the country's demise via repressive policies against those they've deemed are not paying their fair share.

Hence my comments about noting the irony of OT preaching exactly what he's demonized others for doing.....taking advantage of legal tax loopholes.

In short, he's a hypocrite. But then, that's not really news here.
 
A

Anonymous

Guest
Whitewing said:
Wow, I had to look all the way back to last month to find the windbag whining about tax loopholes for the wealthy. In this case whining about Romney legally avoiding taxes. Who'd a thunk it? :roll:

Oldspeakswithalcoholsoakforkedtongue said:
Well-one thing if Romney gets in he will know all the tax loopholes for the ultra wealthy to use...
The question is will he use than knowledge to help the country-- or his ultra wealthy buddies :???:

http://ranchers.net/forum/posting.php?mode=quote&p=590202

So now I'm ultra wealthy eh? I love these fantasy's you folks dream up in those hazy minds...
I better check my last nights powerball ticket... :wink: :lol:
 

Whitewing

Well-known member
Oldtimer said:
Whitewing said:
Wow, I had to look all the way back to last month to find the windbag whining about tax loopholes for the wealthy. In this case whining about Romney legally avoiding taxes. Who'd a thunk it? :roll:

Oldspeakswithalcoholsoakforkedtongue said:
Well-one thing if Romney gets in he will know all the tax loopholes for the ultra wealthy to use...
The question is will he use than knowledge to help the country-- or his ultra wealthy buddies :???:

http://ranchers.net/forum/posting.php?mode=quote&p=590202

So now I'm ultra wealthy eh? I love these fantasy's you folks dream up in those hazy minds...
I better check my last nights powerball ticket... :wink: :lol:

You see, there really is a God. OT posted this before he had a chance to read my preceeding post....and, like clockwork, he said exactly what I predicted he'd say. :lol:

You truly are the gift that keeps on giving Old-drunk-round-one.
 

Hereford76

Well-known member
Whitewing said:
The example sited Hoppy isn't necessarily a case of OT lying about the subject at hand. It is a case though of showing how intellectually dishonest OT is.

For instance, in a phone call to me he proclaims he's "really quite conservative". We all know this to be bull crap.

If you want to see how conservatives think, look at some of the responses in the thread I linked above where OT was whining about Romney and his "ultra rich" buddies. To a person, everyone of them said much the same thing......taking advantage of legal loopholes in the tax laws is not only moral, it's the intelligent thing to do.....regardless of wether one is saving $1 or $1 billion.

That's how conservatives think.

Now, had I not posted this comment before OT could respond, he'd have probably come back with some smart answer about how the average guy here that he's helping isn't in the ultra rich category. And technically, I suspect that's correct. But again, that really has nothing to do with anything.

TrinityMan thinks his mother's share of the place MIGHT reach $1MM. Yeah, that's a decent sum of money, but we all know it's not ultra rich. However, to the guy who's making minimum wage, or living off the gubmint, $1MM sounds like someone who's ultra rich.

Therein lies the problem.

Voters like OT who demonize others solely based on vague terms about their wealth are what's wrong with America today. And they are the people who will ultimately lead to the country's demise via repressive policies against those they've deemed are not paying their fair share.

Hence my comments about noting the irony of OT preaching exactly what he's demonized others for doing.....taking advantage of legal tax loopholes.

In short, he's a hypocrite. But then, that's not really news here.

you pegged it and yes there is a god.

what does wealth have to do with any of it OT? How many different words could you substitute for "family farm" in the thread title or equally how many different taxes beside inheritance tax threaten them?
 

Steve

Well-known member
Now, had I not posted this comment before OT could respond, he'd have probably come back with some smart answer about how the average guy here that he's helping isn't in the ultra rich category. And technically, I suspect that's correct. But again, that really has nothing to do with anything.

I bet you had help from chaves in nailing that one.. he is probably using the commie time warp device Obama stole from the CIA to let you make internet posts in the past.. :? either that or OT is getting a bit predictable. :?

it is comically ironic that liberals use the death tax to punish the rich trust funds, loopholes and corporation owners...

When the death tax is one of the reasons many use limited partnerships, trusts, and corporations to avoid the tax..

without the death tax.. there would be no need for half the corporations.. ironically ,... which never die , at least as long as they are making any sort of profit or have any assets left..

yep.. just go out and create a vicious cycle and then whine about it.. right out of the liberal playbook..
 
A

Anonymous

Guest
Hereford76 said:
Whitewing said:
The example sited Hoppy isn't necessarily a case of OT lying about the subject at hand. It is a case though of showing how intellectually dishonest OT is.

For instance, in a phone call to me he proclaims he's "really quite conservative". We all know this to be bull crap.

If you want to see how conservatives think, look at some of the responses in the thread I linked above where OT was whining about Romney and his "ultra rich" buddies. To a person, everyone of them said much the same thing......taking advantage of legal loopholes in the tax laws is not only moral, it's the intelligent thing to do.....regardless of wether one is saving $1 or $1 billion.

That's how conservatives think.

Now, had I not posted this comment before OT could respond, he'd have probably come back with some smart answer about how the average guy here that he's helping isn't in the ultra rich category. And technically, I suspect that's correct. But again, that really has nothing to do with anything.

TrinityMan thinks his mother's share of the place MIGHT reach $1MM. Yeah, that's a decent sum of money, but we all know it's not ultra rich. However, to the guy who's making minimum wage, or living off the gubmint, $1MM sounds like someone who's ultra rich.

Therein lies the problem.

Voters like OT who demonize others solely based on vague terms about their wealth are what's wrong with America today. And they are the people who will ultimately lead to the country's demise via repressive policies against those they've deemed are not paying their fair share.

Hence my comments about noting the irony of OT preaching exactly what he's demonized others for doing.....taking advantage of legal tax loopholes.

In short, he's a hypocrite. But then, that's not really news here.

you pegged it and yes there is a god.

what does wealth have to do with any of it OT? How many different words could you substitute for "family farm" in the thread title or equally how many different taxes beside inheritance tax threaten them?

How many "family farms" do you know that have their investments thru the Cayman Islands-- or have their money stuck away in Swiss bank accounts...I guess the family farms in your part of the state are doing much better than the ones I see over here....

There is a difference between smart tax/land planning-- and outright hiding funds and avoiding paying taxes...

If Romney's investments and actions were so upright and above board- all he had to do is release his tax returns and let folks of this country decide... :???: He didn't- they decided......
 

Mike

Well-known member
There is a difference between smart tax/land planning-- and outright hiding funds and avoiding paying taxes...

I'll throw a big BS flag here.

There is absolutely no difference when they're both legal according to IRS rules. When both are avoiding taxes, there is no difference......NONE!!!!

Plus, both are smart.
 

Whitewing

Well-known member
Mike said:
There is a difference between smart tax/land planning-- and outright hiding funds and avoiding paying taxes...

I'll throw a big BS flag here.

There is absolutely no difference when they're both legal according to IRS rules. When both are avoiding taxes, there is no difference......NONE!!!!

Plus, both are smart.

Indeed. Hiding funds is called tax evasion OT and it's punishable with prison time.....tax avoidance is perfectly legal.

So, unless you've got some evidence that someone referenced in this thread is practicing tax evasion, I suggest you shut the f up and quit trying to change the subject.
 

Whitewing

Well-known member
Oldtimer said:
If Romney's investments and actions were so upright and above board- all he had to do is release his tax returns and let folks of this country decide... :???: He didn't- they decided......

Another classic OT strawman argument.

Romney submitted his tax returns to the authority that matters the most as it relates to determining if they were "upright and above board"....the firggin Internal Revenue Service.

Releasing tax returns in a political environment "to let the folks of this country decide" is a political decision. Personally, I doubt few folks voted for Obama because of one party's tax returns or the other not being released.

And of course, we could use OT-logic and ask why Obama has to hide his college records if they're upright and above board. I may not live long enough to know the answer, but I suspect one day we'll know why they're sealed. Of course, by then it'll be too late.

Okay OT, get back to digging your hole.
 
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