Estate/Death Tax changes?

[Jimbo]

Amid all the talk about new taxes and regulations headed our way I heard a bit on the news about changes to estate taxes. A quick search came up with a FOX article that explains how it will hurt ranchers/farmers, and a Media matters article explaining how it won't effect too many farmers and is aimed at the rich. So, is anyone knowledgeable about the changes and what they include?

http://www.foxnews.com/politics/2012/11/16/ranchers-farmers-brace-for-death-tax-impact/

http://mediamatters.org/blog/2012/11/16/fox-mischaracterizes-death-tax-as-burden-to-sma/191426

[Sleeper]

It will hurt farmers. It does not take much land at all to meet what they are saying.

You will never recover it unless your a large operation. It will drive land values down, and put small farmers out of business.

[bobs94formula]

55% tax on an estate worth over $1mill? That's horseshit! Especially when you talk about taxing family land, which has already had taxes paid on it for many years!

[Sleeper]

Itll put me out of business. If its not changed before my dad dies. Ill have to sell it all to pay the taxes.

[bobs94formula]

Need to go to a local lawyer and draw up a quick claim deed for about $150 before he passes!

[GhostTX]

55% tax on an estate worth over $1mill? That's horseshit! Especially when you talk about taxing family land, which has already had taxes paid on it for many years!

This is how it hurts farmers/ranchers. Got a big enough property, it's saleable value exceeds $1MM and when they pass it on, the kids gotta fork up $500K for the "inheritance".

So what happens? They sell half for the IRS, get $0 from the "inheritance" and now halved the earning power of the property. Some of these 1,000 acre ranches don't earn very much to begin with...

It's a whole lotta crock due to the Democrat/Liberal war on the rich and here's yet ANOTHER consequence of their short-sighted actions.

[Pro88LX]

living trust......

[SMEGMA STENCH]

Need to go to a local lawyer and draw up a quick claim deed for about $150 before he passes!

Yeah seems like there should be some way to

pass it on and get out of the tax

[Fordblue625]

living trust......

[ ] knows how estate taxes work.
[x] doesn't know how estate taxes work.

[mikec]

Need to go to a local lawyer and draw up a quick claim deed for about $150 before he passes!

Did you mean "quit claim"?

[Cooter]

Socialism at work!

[Snatch Napkin]

I think I'll have to name this ulcer. He's my newest buddy.

[line-em-up]

This is how it hurts farmers/ranchers. Got a big enough property, it's saleable value exceeds $1MM and when they pass it on, the kids gotta fork up $500K for the "inheritance".

So what happens? They sell half for the IRS, get $0 from the "inheritance" and now halved the earning power of the property. Some of these 1,000 acre ranches don't earn very much to begin with...

It's a whole lotta crock due to the Democrat/Liberal war on the rich and here's yet ANOTHER consequence of their short-sighted actions.

In a way, it seems that it would help the rich because they could afford to pay the taxes. An unwealthy land owner would have to sell or have the property taken by the IRS and then auctioned off. A lot of land will eventually be stolen from the farmers and bought by the rich. I'm sure Monsanto likes this idea. It is just a legal method for the transfer of wealth to the 1%.