U.S. House passes estate tax repeal

[bannination]

http://www.reuters.com/article/2015/04/ ... mesticNews

Republicans and balanced budget, two words that never belong together.

FTA:

Repealing the tax would boost the federal deficit by about $269 billion over 10 years, according to Congress' Joint Committee on Taxation.

FTA:

Few Americans pay the 40 percent tax on assets above the $5.4 million exclusion amount. About 5,400 estates, equal to 0.2 percent of taxpayers, will owe such taxes in 2015, according to the JCT.

Conclusion:
Republicans work for the .2 percent richest taxpayers. That's a tea party victory I suppose.


EDIT: Roll call link: http://clerk.house.gov/evs/2015/roll161.xml

[O Really]

Could it be more clear? The vast majority of US citizens will never have any tax on inheritance. Who will? The super-rich. Who gets Congressional relief from taxes? The super-rich. Who buys congressmen like the rest of us buy a theatre ticket? The super-rich. Who thinks it's reasonable that the super rich get to run the country? People in Yancy County, NC, for example, a place where the population is way more poor, way less educated than average, yet is the reddest county in the state. Go figure.

[Roland Deschain]

One of the best moves in repealing one of the most unfair taxes ever! Nice to know you libtards are ok with the government taking nearly half of everything you worked your entire life and already PAID TAXES ON simply because you die. This tax does not just affect the super rich...well unless you fools consider the farmers and small business owners of this country "super rich".

[bannination]

One of the best moves in repealing one of the most unfair taxes ever! Nice to know you libtards are ok with the government taking nearly half of everything you worked your entire life and already PAID TAXES ON simply because you die. This tax does not just affect the super rich...well unless you fools consider the farmers and small business owners of this country "super rich".

"Farmers" and "small business owners" worth 5.4 million or more. You can't be serious.

[Colonel Taylor]

One of the best moves in repealing one of the most unfair taxes ever! Nice to know you libtards are ok with the government taking nearly half of everything you worked your entire life and already PAID TAXES ON simply because you die. This tax does not just affect the super rich...well unless you fools consider the farmers and small business owners of this country "super rich".

"Farmers" and "small business owners" worth 5.4 million or more. You can't be serious.

You libs really have to get out more. I am involved with a few farms here and with the value of their land and equipment some are worth double that. Yet many are cash poor and don't really mind, but when they die so will their life's worth of work going to support liberal welfare programs!
What do you think land on the side of a mountain is worth? 200 acres at $25,000.00 an acre gets ya there and 200 acre farm here is on the small side. The price of equipment is also out of control. 4-5 tractors, 2-3 sprayers and so on..
So yes you can get there pretty easily!

[O Really]

Not everything a person owns is subject to probate. There are all sorts of tax experts more than happy to tell you about various trusts and other devices to reduce inheritance taxes. So yeah, unless you're just not paying attention, you have to be very well off to be affected.

[O Really]

One of the best moves in repealing one of the most unfair taxes ever! Nice to know you libtards are ok with the government taking nearly half of everything you worked your entire life and already PAID TAXES ON simply because you die. This tax does not just affect the super rich...well unless you fools consider the farmers and small business owners of this country "super rich".

"Farmers" and "small business owners" worth 5.4 million or more. You can't be serious.

You libs really have to get out more. I am involved with a few farms here and with the value of their land and equipment some are worth double that.

Would any of those be the wealthy Mexicans?

[Colonel Taylor]

^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Yet another hateful bigoted liberal really no surprise to anyone. Why do libs here hate mexicans so much? I know they are hard working and that is against anything y'all want, you would rather keep them on the guvmit dole. How sad you are!
You have fallen right in to the vrede mold for sure. Have nothing to say so just go to the race card.

[bannination]

One of the best moves in repealing one of the most unfair taxes ever! Nice to know you libtards are ok with the government taking nearly half of everything you worked your entire life and already PAID TAXES ON simply because you die. This tax does not just affect the super rich...well unless you fools consider the farmers and small business owners of this country "super rich".

"Farmers" and "small business owners" worth 5.4 million or more. You can't be serious.

You libs really have to get out more. I am involved with a few farms here and with the value of their land and equipment some are worth double that. Yet many are cash poor and don't really mind, but when they die so will their life's worth of work going to support liberal welfare programs!
What do you think land on the side of a mountain is worth? 200 acres at $25,000.00 an acre gets ya there and 200 acre farm here is on the small side. The price of equipment is also out of control. 4-5 tractors, 2-3 sprayers and so on..
So yes you can get there pretty easily!

Easy? Must be why there's only 5400 people it might affect.

[O Really]

.02% affected.And it's not a total of $5.4 mill, it's $5.4 per person - $10.8 for a couple...

http://www.cbpp.org/cms/?fa=view&id=2655

Sure, there could be some farmers in that .02% group. But not many.

[Vrede too]

Would any of those be the wealthy Mexicans?

Wealthy "Mexican farmworkers".

[O Really]

^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Yet another hateful bigoted liberal really no surprise to anyone. Why do libs here hate mexicans so much? I know they are hard working and that is against anything y'all want, you would rather keep them on the guvmit dole. How sad you are!
You have fallen right in to the vrede mold for sure. Have nothing to say so just go to the race card.

Ummm, so who here has defended a legal path to work for immigrant Hispanics? That would be me. Who has said time and again that the effort to deport is self-defeating because the US economy is too dependent on immigrant labor? That would be me. Who has defended "dream act" type laws to protect kids who grew up in the US and weren't at fault for their illegality? That would be me. Who worked for La Raza back in the day and for Henry B. Gonzales? That would be me, your local "hateful bigoted liberal."

[Roland Deschain]

One of the best moves in repealing one of the most unfair taxes ever! Nice to know you libtards are ok with the government taking nearly half of everything you worked your entire life and already PAID TAXES ON simply because you die. This tax does not just affect the super rich...well unless you fools consider the farmers and small business owners of this country "super rich".

"Farmers" and "small business owners" worth 5.4 million or more. You can't be serious.

Yes. I am serious and if you had half of an ounce of knowledge about the subject you would know that I'm correct. You see "estates" are based on the TOTAL ASSEST holding of the decedent, not cash. Many if not most of you mid west farmers are land rich and cash poor but still would have been subject to the tax. It would surprise you just how many people here in WNC were subject to it.

[Roland Deschain]

Not everything a person owns is subject to probate. There are all sorts of tax experts more than happy to tell you about various trusts and other devices to reduce inheritance taxes. So yeah, unless you're just not paying attention, you have to be very well off to be affected.

Wrong answer!

[Roland Deschain]

.02% affected.And it's not a total of $5.4 mill, it's $5.4 per person - $10.8 for a couple...

http://www.cbpp.org/cms/?fa=view&id=2655

Sure, there could be some farmers in that .02% group. But not many.

Wrong answer again

[bannination]

Yes. I am serious and if you had half of an ounce of knowledge about the subject you would know that I'm correct. You see "estates" are based on the TOTAL ASSEST holding of the decedent, not cash. Many if not most of you mid west farmers are land rich and cash poor but still would have been subject to the tax. It would surprise you just how many people here in WNC were subject to it.

Who was talking about cash? Not me. It's 5400 people it could affect. You're acting like every farmer in North Carolina is now getting a tax break when it couldn't be further from the truth.

From O Really's link:

Only roughly 20 small business and small farm estates nationwide owed any estate tax in 2013, according to the Tax Policy Center.

Those 20 estates owed just
4.9 percent of their value
in tax, on average.

Chances are there's no one even in NC it would affect.

[GoCubsGo]

"Farmers" and "small business owners" worth 5.4 million or more. You can't be serious.

You libs really have to get out more. I am involved with a few farms here and with the value of their land and equipment some are worth double that. Yet many are cash poor and don't really mind, but when they die so will their life's worth of work going to support liberal welfare programs!
What do you think land on the side of a mountain is worth? 200 acres at $25,000.00 an acre gets ya there and 200 acre farm here is on the small side. The price of equipment is also out of control. 4-5 tractors, 2-3 sprayers and so on..
So yes you can get there pretty easily![/quote]


$25,000 an acre for farmland here??? On the side if a mountain??
Offer that to any farmer and he'll take it with a smile on his face and trots off to the bank. And I'm sure that all those tractors and sprayers (not to mention the land he could very well be upside down on) were paid in cash !!

[Roland Deschain]

Yes. I am serious and if you had half of an ounce of knowledge about the subject you would know that I'm correct. You see "estates" are based on the TOTAL ASSEST holding of the decedent, not cash. Many if not most of you mid west farmers are land rich and cash poor but still would have been subject to the tax. It would surprise you just how many people here in WNC were subject to it.

Who was talking about cash? Not me. It's 5400 people it could affect. You're acting like every farmer in North Carolina is now getting a tax break when it couldn't be further from the truth.

From O Really's link:

Only roughly 20 small business and small farm estates nationwide owed any estate tax in 2013, according to the Tax Policy Center.

Those 20 estates owed just
4.9 percent of their value
in tax, on average.

Chances are there's no one even in NC it would affect.

And you would be extremely INCORRECT. You should educate yourself before discussing this with someone who lives with an estates and trusts paralegal. Just saying!

[Roland Deschain]

$25,000 an acre for farmland here??? On the side if a mountain??
Offer that to any farmer and he'll take it with a smile on his face and trots off to the bank. And I'm sure that all those tractors and prayers (not to mention the land he could very well be upside down on) were paid in cash !!

Doesn't matter how they were paid. If there is no lien on the equipment then it is considered an asset to the estate. In addition the real estate value is calculated off of the cost basis which is an entirely different set of figures. Really, ya'll should at least know what you are talking about before trying to argue this!

[GoCubsGo]

$25,000 an acre for farmland here??? On the side if a mountain??
Offer that to any farmer and he'll take it with a smile on his face and trots off to the bank. And I'm sure that all those tractors and prayers (not to mention the land he could very well be upside down on) were paid in cash !!

Doesn't matter how they were paid. If there is no lien on the equipment then it is considered an asset to the estate. In addition the real estate value is calculated off of the cost basis which is an entirely different set of figures. Really, ya'll should at least know what you are talking about before trying to argue this!

My point, farm equipment depreciates, land values can and have gone down, most of these are not paid in cash anyways, there are liens.