Death Tax to the Rescue

[g5000]

Next week, all or part of that half-trillion in taxes is going into effect, including the Obama death tax. Just think of those family farms whose owners pass away in the new year. With Obama blocking reform, rates will return to 55% of assets over $1 million (in addition to whatever state death taxes are due).

This is incorrect.

The estate tax is rising from a top rate of 35% to a top rate of 40%. And the first $5 million is exempt.

 

[Koios]

I read the entire document. Point out the part where non-Ag benefits or is status quo.


We can wait....

Then speed the process. Which pages might I jump to to find "Big Ag" and "Chicago Way?"

Thanks in advance.

Lame punt.

Indeed. But can you imagine my confusion when you fail to back up "Big Ag" and "Chicago Way?" WTF?

Say it ain't so, percysunshine.

 

[g5000]

**** those "family farms." A good portion of the land assets they've built up over time came from mailbox money. Subsidies helped those dirt-dumb farmers buy up all of that land, so YEAH make them pay some goddam taxes for a change.

Cry me a RIVER.

That is exactly what they will have to pay you. A river. Because their estate is in the form of property, not cash. This estate tax is a blood from a stone approach.

I don't like subsidies, either. But you are propounding a cure for the symptoms rather than curing the disease.

 

[percysunshine]

Then speed the process. Which pages might I jump to to find "Big Ag" and "Chicago Way?"

Thanks in advance.

Lame punt.

Indeed. But can you imagine my confusion when you fail to back up "Big Ag" and "Chicago Way?" WTF?

Say it ain't so, percysunshine.

"it ain't so, percysunshine"

You requested the Google of section 2032A. Small business owners are screwed.

 

[Koios]

Lame punt.

Indeed. But can you imagine my confusion when you fail to back up "Big Ag" and "Chicago Way?" WTF?

Say it ain't so, percysunshine.

"it ain't so, percysunshine"

You requested the Google of section 3023A. Small business owners are screwed.

Not if the small business is a farm. Plus valuations on other small businesses is a smidge nebulous, even more so than farms creatively valued.

Value of plant and equipment, and not the "business" per se, which in an acquisition comes into play. Moreover, to be subject to inheritance tax, it's gotta be a whopper.

So a plumbing business, handed down due to poor planning or early death, might be the van and tools, which are a far cry from $5 million in wealth being trasferred. If it's a corner store, it's the owned inventory, and not the market good will, which were it to be sold, might come into play.

But then, it's not really how the bulk of wealth north of $5 Million is transferred to heirs. Typically it's uber valuable real estate, and stock portfolios, not to mention liquid assests they failed to sock away in trusts. And praise babyjesus, they have probate and tax attorneys up the kazoo, and typically need not grieve too much of the financial pain. They only need to grieve the passing of rich Uncle Fred and having to get the corks out of the many bottles of Cristal Rose, which can be a ***** what with all the grieving and shit as the will is being read and your Cousin Nancy got the villa in Tuscany, as well as the Ferraris in the villa's garage facility.