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Look who is giving the Democratic response!


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How is the administration going to protect family farms if the Dems won't let them permanently repeal the death tax?

 

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Ummm. My brother and I are working our tails off so that we can keep the family farm. I don't expect the guberment to hand me anything or give me any special treatment. :D

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Ummm.  My brother and I are working our tails off so that we can keep the family farm.  I don't expect the guberment to hand me anything or give me any special treatment. :D

 

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How would they be handing you anything by not taking something from your family has already been taxed?

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How would they be handing you anything by not taking something from your family has already been taxed?

 

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No offense Perch, but I'm sick of people using the family farm as an example of anything. No one gives a feck about the family farm until they have to pay $3.75 for a gallon of milk. Exempt $500,000 and you'll cover most "family farms."

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No offense Perch, but I'm sick of people using the family farm as an example of anything.  No one gives a feck about the family farm until they have to pay $3.75 for a gallon of milk.  Exempt $500,000 and you'll cover most "family farms."

 

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Very rarley do I realy think of the "family farm" as a family farm, but rather a family owned business in any industry.

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How is the administration going to protect family farms if the Dems won't let them permanently repeal the death tax?

 

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Don't be a slow. Family farms are exempt from estate taxation so long as the heirs continue to run the enterprise as a farm.

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Ummm.  My brother and I are working our tails off so that we can keep the family farm.  I don't expect the guberment to hand me anything or give me any special treatment. :D

 

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perch has lead a tuff life and wants it all for free :D

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Exempt $500,000 and you'll cover most "family farms."

 

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Current exemption: $2,000,000. That goes up through 2009. Then, assuming Congress does nothing, the Estate Tax is repealed in 2010. In 2011 the Estate Tax is slated to come back into play with a $1,000,000 exemption.

 

While nothing is certain yet, most commentators believe Congress will not permanently repeal the Estate Tax, as our Nation's current spending and rising twin deficits (trade and budget) mean we can ill-afford to forego the $50 billion in annual revenue generated by the Estate Tax. However, a combination of higher exemptions (higher than $1,000,000, anyways) and lower Estate Tax rates (currently at 46% for amounts over and above the applicable exemption) is viewed as rather likely.

 

And if you need any help dealing with The Man, Brewer, let me know. Because the full Estate Tax exemption for family farms is not automatic. If memory serves, you do have to elect that treatment and certain deadlines apply. :D And here's to hoping no one in your family dies anytime soon, such that you'd need any help in the first place.

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Good estate planning can address a big hunk of the crapola the IRS and the rest of the gub'mint throws at us...at least as it regards the money/assets that we've worked hard for and would like to pass on to others (i.e., not the gub'mint) after we die.

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How is the administration going to protect family farms if the Dems won't let them permanently repeal the death tax?

 

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No family farm was ever lost due to the ESTATE TAX. Changing the name doesn't help.

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Current exemption: $2,000,000.  That goes up through 2009.  Then, assuming Congress does nothing, the Estate Tax is repealed in 2010.  In 2011 the Estate Tax is slated to come back into play with a $1,000,000 exemption.

 

While nothing is certain yet, most commentators believe Congress will not permanently repeal the Estate Tax, as our Nation's current spending and rising twin deficits (trade and budget) mean we can ill-afford to forego the $50 billion in annual revenue generated by the Estate Tax.  However, a combination of higher exemptions (higher than $1,000,000, anyways) and lower Estate Tax rates (currently at 46% for amounts over and above the applicable exemption) is viewed as rather likely.

 

And if you need any help dealing with The Man, Brewer, let me know.  Because the full Estate Tax exemption for family farms is not automatic.  If memory serves, you do have to elect that treatment and certain deadlines apply.  :D And here's to hoping no one in your family dies anytime soon, such that you'd need any help in the first place.

 

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Thanks for the info Yo. My parents will be 65 this year and are in good health, so hopefully we won't have to deal with the estate issue anytime soon. :D

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