Thursday, November 15, 2007

Death Tax is the Most Unfair of All

Several years ago Congress changed the tax law to increase the amount of exemption from estate tax. This was an escalating amount each until it peaked in 2011. In my opinion the death tax is immoral in the fact the government is collecting funds from the unfortunate demise of the individual. Furthermore, most of these assests have been taxed multiple times during the course of a persons life. The American Farm Bureau is lobbying to permanently abolish the death tax.

“Farm Bureau members continue to urge lawmakers to provide permanent relief from the burdens of the federal death tax. The repeal of this tax is Farm Bureau’s top tax priority, and one that unites farmers and ranchers nationwide, regardless of the crop or farm animal they produce,” said AFBF President Bob Stallman.

The death of a farmer or rancher may force his or her children and grandchildren to liquidate all or part of the family’s property and other assets to pay the federal death tax, even if the family spent years and thousands of dollars preparing for that time.

“Farms and ranches are often passed down from one generation to the next,” said Stallman. “Young farmers and ranchers struggle enough, given current conditions, to enter the business on their own. The continued presence of the federal estate tax remains a significant barrier to many family farm succession plans.”

3 comments:

noneed4thneed said...

Less than 3% of people have to pay anything under the estate tax. The estate tax only affects people who have estates worth over $1 million.

The America I grew up stressed hard work as a path to success. The people who lobby to repeal the estate only care about the Paris Hilton's ability to mooch off their rich parents.

American Farmer said...

Your comments really demonstrate your ignorance and lack of knowledge of the issue.

noneed4thneed said...

Then please pass on some info that doesn't come from the Farm Bureau that shows the estate tax effects the American farmer or the average American.

Am I ignorant to think that people should work hard for their living instead of mooching off their parents? I guess we'd all like to be Mitt Romney's kids and get a chunk of his $250 million net worth.