How will eliminating the Estate Tax benefit the Middle class?

Discussion in 'Current Events' started by Syriusly, Sep 27, 2017.

  1. Syriusly
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    Syriusly Diamond Member

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    There are provisions for that too. There are special exemptions for farms.

    Part of the reason the numbers are so low is that there are exemptions for farmers and small businesses written into the estate tax code that allow most farmers — with a bit of estate planning — to avoid the estate tax altogether.


    For example, if the heirs agree to farm the land for another 10 years, they can get up to a $1 million exemption by valuing land at its farm use value rather than development value. An additional $500,000 exemption is possible if one agrees to a perpetual conservation easement restricting the use of the land. It is also possible to reduce the value of an estate by giving portions of the estate to heirs as a gift over a number of years. For a full description of exemptions available to farmers, see this Congressional Research Service report, starting on page 2.


    The law also includes a provision that allows those who inherit a farm, and are having trouble paying the estate tax, to spread those payments over 14 years at a low interest rate.
     
  2. Spare_change
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    Spare_change Gold Member

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    What an asinine argument --- why don't you grow up? Trying to discuss something with you is like arguing with a 5 year old.

    I'm done - until you can come back with something intelligent.
     
  3. Syriusly
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    Syriusly Diamond Member

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    I am admitting that there might be some trickle down effect- or there might not be any.

    Are you willing to agree with me on that?
     
  4. Syriusly
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    Syriusly Diamond Member

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    If only there had been no estate tax, and the heir inherited $20,000,000 instead of $16,000,000 the middle class would be so much better off.....
     
  5. Syriusly
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    Syriusly Diamond Member

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    Not sure why anyone would be going 'boo hoo's for the sudden multi-millionaires.
     
  6. Syriusly
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    Syriusly Diamond Member

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    LOL- so you are finally admitting that this is all about you believing that an estate tax on millionaires is 'wrong'

    You are the one who claimed that family farms lost due to estate taxes 'happens every day'- I just showed that it virtually never happens.


    The law also includes a provision that allows those who inherit a farm, and are having trouble paying the estate tax, to spread those payments over 14 years at a low interest rate.

    Yeah- that is pretty generous- more generous than the IRS is for taxable income.
     
  7. Syriusly
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    Syriusly Diamond Member

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    Why am I not surprised you are running away......lol

    I am quoting facts- and that just pisses you off.
     
  8. Spare_change
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    Spare_change Gold Member

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    Whatever it takes to prop up your pathetic little ego .... you wouldn't know a fact if it hit you in the head
     
  9. Syriusly
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    Syriusly Diamond Member

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    LOL- unlike you- I have actually provided facts and citations in this thread.

    Remember when you claimed this:
    Spare: Take your scenario a step further ---- the son works the farm with his dad. Suddenly, he is left with a smaller farm that produces less income.

    Happens every day.


    I challenged you to back that up- you of course didn't.

    In contrast- I provided facts showing that far from 'happens every day'- it doesn't appear to happen on a regular basis- if at all- which of course you waved your hand off

    Is the death tax killing American family farms?
    But as to the actual number of family farms hit by the estate tax, only 20 farms in 2013 paid estate taxes and no farms have been reported sold to pay off an estate tax debt.

    'Death Tax' Talking Point Won't Die - FactCheck.org
    In 2015, roughly 2.5 million people died, and just 4,918 people had to pay an estate tax, according to IRS data. That’s about one out of every 500 deaths resulting in any estate tax liability.

    The numbers are even smaller for farm operators. Only 639 estates that listed any farm assets had to pay the estate tax (and 122 of them had assets of $20 million or more).

    Separate research by the nonpartisan Tax Policy Center puts the number even lower. TPC estimates that only 50 farms and closely held businesses will pay any estate tax in 2017.

    The law also includes a provision that allows those who inherit a farm, and are having trouble paying the estate tax, to spread those payments over 14 years at a low interest rate.
     
  10. danielpalos
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    danielpalos Gold Member

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    too fiscally responsible for the right wing?
     

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