Ranchers,landowners, investors brace for obamas death TAX.

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1 - 5 of 5 Comments Last updated Nov 23, 2012

“Listen up !”

Since: Oct 12

If you want the Real story.

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#1
Nov 20, 2012
 

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Ranchers, farmers brace for 'death tax' impact

By William La Jeunesse

Published November 16, 2012

FoxNews.com



Rancher Kevin Kester works dawn to dusk, drives a 12-year-old pick-up truck and earns less than a typical bureaucrat in Washington D.C., yet the federal government considers him rich enough to pay the estate tax -- also known as the "death tax."

And with that tax set to soar at the beginning of 2013 without some kind of intervention from Congress, farmers and ranchers like Kester are waiting anxiously.

"There is no way financially my kids can pay what the IRS is going to demand from them nine months after death and keep this ranch intact for their generation and future generations," said Kester, of the Bear Valley Ranch in Central California.

Two decades ago, Kester paid the IRS $2 million when he inherited a 22,000-acre cattle ranch from his grandfather. Come January, the tax burden on his children will be more than $13 million.

For supporters of a high estate tax, which is imposed on somebody's estate after death, Kester is the kind of person they rarely mention. He doesn't own a mansion. He's not the CEO of a multi-national. But because of his line of work, he owns a lot of property that would be subject to a lot of tax.

"Our number one goal is to repeal the estate tax, to get rid of it, not have it for every generation, when I die and my kids die and so on," he told Fox News. "For everyone to have to re-purchase the ranch or farm over and over for each generation, that's inherently unjust. So what we're doing is asking our politicians to understand that and repeal the estate tax."

That, however, is unlikely. Currently, the federal government taxes estates worth $5 million dollars and up at 35 percent. When the Bush-era tax rates expire in January, rates increase to 55 percent on estates of $1 million or more. While some Republicans want to eliminate the death tax entirely, President Obama has proposed a 45 percent rate on estates of $3.5 million and up

Read more: http://www.foxnews.com/politics/2012/11/16/ra...

“Invisible Pink Unicorn”

Since: May 08

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#2
Nov 21, 2012
 

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FOX knews wrote:
Ranchers, farmers brace for 'death tax' impact
By William La Jeunesse
Published November 16, 2012
FoxNews.com
Rancher Kevin Kester works dawn to dusk, drives a 12-year-old pick-up truck and earns less than a typical bureaucrat in Washington D.C., yet the federal government considers him rich enough to pay the estate tax -- also known as the "death tax."
And with that tax set to soar at the beginning of 2013 without some kind of intervention from Congress, farmers and ranchers like Kester are waiting anxiously.
"There is no way financially my kids can pay what the IRS is going to demand from them nine months after death and keep this ranch intact for their generation and future generations," said Kester, of the Bear Valley Ranch in Central California.
Two decades ago, Kester paid the IRS $2 million when he inherited a 22,000-acre cattle ranch from his grandfather. Come January, the tax burden on his children will be more than $13 million.
For supporters of a high estate tax, which is imposed on somebody's estate after death, Kester is the kind of person they rarely mention. He doesn't own a mansion. He's not the CEO of a multi-national. But because of his line of work, he owns a lot of property that would be subject to a lot of tax.
"Our number one goal is to repeal the estate tax, to get rid of it, not have it for every generation, when I die and my kids die and so on," he told Fox News. "For everyone to have to re-purchase the ranch or farm over and over for each generation, that's inherently unjust. So what we're doing is asking our politicians to understand that and repeal the estate tax."
That, however, is unlikely. Currently, the federal government taxes estates worth $5 million dollars and up at 35 percent. When the Bush-era tax rates expire in January, rates increase to 55 percent on estates of $1 million or more. While some Republicans want to eliminate the death tax entirely, President Obama has proposed a 45 percent rate on estates of $3.5 million and up
Read more: http://www.foxnews.com/politics/2012/11/16/ra...
Lets sit back watch and see if the republican controlled House will hold these farmers hostage to keep the top 1% for a tax rate increase.

“Listen up !”

Since: Oct 12

If you want the Real story.

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#3
Nov 21, 2012
 

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Jammercolo wrote:
<quoted text>
Lets sit back watch and see if the republican controlled House will hold these farmers hostage to keep the top 1% for a tax rate increase.
That makes No sense. Are you posting after drinking again ? Did you even read the rest of the article ?

Well here's more of your answer here in obamas tax hikes..Not the republicans tax hikes,,,Obamas tax hikes..

Obama enters 'fiscal cliff' talks calling for $1.6T in tax hikes

Read more: http://www.foxnews.com/politics/2012/11/14/ob...

Read more: http://www.foxnews.com/politics/2012/11/14/ob...
what-

Mountain Home, AR

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#4
Nov 22, 2012
 

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The House Republicans passed the debt deal. They agreed to it.

Obama doesn't have the power to tax, only Congress can you dumbass.

“Built like a ”

Since: Aug 08

North Korean missile!.

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#5
Nov 23, 2012
 

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Huh.

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