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.Ranchers, farmers brace for 'death tax' impact
By William La Jeunesse
Published November 16, 2012
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...
Ranchers,landowners, investors brace for obamas death TAX.
Posted in the Denver Forum
“Invisible Pink Unicorn”
Since: May 08
#2 Nov 21, 2012
#4 Nov 22, 2012
The House Republicans passed the debt deal. They agreed to it.
Obama doesn't have the power to tax, only Congress can you dumbass.
“Taste great in milk!”
Since: Aug 08
#5 Nov 23, 2012
Add your comments below
|Colo. gay discrimination alleged over wedding cake (Jun '13)||7 min||TomInElPaso||44,911|
|Republicans the party of LIARS (Dec '11)||1 hr||tbirds_friend||27,009|
|Effects from the recent decline in oil prices (May '15)||17 hr||Maverick 808||25|
|I wanna party||Sun||Dan||1|
|Man fatally stabs pit bull to stop dog fight (Aug '07)||Sun||Juliette||516|
Find what you want!
Search Denver Forum Now
Copyright © 2017 Topix LLC