A famous quote says, “There’s nothing certain in life except death and taxes.”
It’s ironic and infuriating then that the government taxes your death. It’s known as the “Death Tax” or the “Estate Tax” or the “Inheritance Tax” and it applies to anything you might hope to pass on such as money, equipment, or land to your loved ones. No matter what you call it, a tax that kicks in when you die is absurd. It’s not the government’s money to begin with!
Farmers are hit especially hard by the death tax. After a lifetime of acquiring land and equipment to help provide food for the world, farmers are subjected to an additional tax on their estate when they die. The real effect of this double, and sometimes triple, taxation is felt by the late farmer’s family.
While many folks receive an inheritance in the form of a check or stocks and bonds, the family farmer passes on his life’s work and ensures that farming continues as a way of life in North Missouri and around the country.
It’s no wonder that our kids and grandkids aren’t choosing to farm when they grow up. It’s expensive enough to get a farming operation off the ground, much less keep it in the family after giving part of it to the government.
I believe your death shouldn’t be a taxable event. Farmers shouldn’t work all of their life, saving and paying taxes, just to have the government show up with another bill for them and their family when they die.
That’s why a crucial part of tax reform is getting rid of the death tax. We’ve been able to increase the amount exempted from the tax in the past but that’s not enough. The Tax Cuts and Jobs Act will provide immediate relief from the death tax by doubling the earnings exemption with a full elimination of the tax after six years.
As a sixth-generation family farmer and small businessman, I know firsthand the importance of tax reform. Meaningful tax reform must benefit rural Missourians and our plan does just that. We’ve waited more than 30 years; it’s time for a tax system that benefits everyone.
Save which family farms?
ReplyDeleteThe ones raising tens of thousands of pigs for Ching Dao pork?
So after 6 generations your family has been able to hold onto the farm without a massive tax break. Why does it need to be saved now?
ReplyDeleteDoesn't that Hervey guy know lots of these poor poor farmers who have been forced off their land due to the evil estate taxes?
ReplyDeleteMAGA and let the rich get richer and Roy the grabber Moore and Jeebus?!
Huh?@#!
Delete"Only an estimated 80 small farms and closely held businesses—estates with farm and business assets totaling no more than $5 million and making up at least half of gross estate—will pay any estate tax in 2017. Such estates will represent about 1 percent of all taxable estate tax returns.
ReplyDeleteThe Tax Policy Center estimates that small farms and businesses will pay $30 million in estate tax in 2017, fifteen hundredths of 1 percent of the total estate tax revenue."
http://www.taxpolicycenter.org/briefing-book/who-pays-estate-tax
@8:42 Off your meds again, I see!
ReplyDeleteI'm all for things like a reasonable amount of real estate, cash, heirlooms, etc being handed down. The issue is when the rich die after basically stockpiling cash and form this trust fund of money that just sits there, not turning over, like is economically in the best interest. Frequently too, this automatic money creates trust fund babies who are prone to being poor citizens and making bad economic decisions. From a psychological, sociological, and economic perspective, humans weren't meant to just be given everything.
ReplyDelete"For 2017, the estate and gift tax exemption is $5.49 million per individual, up from $5.45 million in 2016. That means an individual can leave $5.49 million to heirs and pay no federal estate or gift tax." So actually, the hideous "death tax" is hideous only to multi-millionaires.Unless you are able to leave your heirs $5.49 million, I wouldn't lose any sleep over the "death tax," except to wonder how much higher your taxes will be to offset the loss of income if the "death tax" is repealed.
ReplyDeleteWisconsin Dairy Farmer to GOP: Your Estate Tax Claims Are Bogus
ReplyDelete"Only about 20 farms a year are subject to any inheritance tax, and in almost all cases, those farms have adequate liquid assets to cover the taxes without having to sell any part of the business to do so. After searching for 35 years for one example of a family farm that was lost due to the estate tax Iowa State professor Neil Harl stated simply, “It’s a myth.”"
The GOP tax proposal is quite sound. It will relieve the economic burden of our struggling millionaires and stop those greedy teachers ripping off our economy by taking a $250 deduction for the supplies they buy for their classrooms out of their own pockets.
ReplyDeleteThe last line is the dumbest. A tax system that benefits everyone. Impossible by definition. Proganda.
ReplyDelete9:55 - Thanks for the perspective! Funny stuff :)
ReplyDelete