Why do Republicans still claim that the average American has to worry about the estate tax?

WTF?

What do small businesses have to do with inheriting tens of millions of dollars?

 

I read a report that the estate tax affects only 400 farms...very BIG , very RICH farms

Four hundred...who can well afford the tax.

 

Not sure about your report, in my home town....just about every farm is impacted....not large farms at all...5 million really isn't much when it comes to farms .....you have the real estate, the equipment, the livestock....not to mention personal property...

Then on top of that tax, then the children are hit again by ordinary income tax on what they inherit.

 

Odd, how you have no citation.

 

Yea...I was wrong...it's 230

https://www.ers.usda.gov/topics/farm-economy/federal-tax-issues/federal-estate-taxes.aspx

 

Thread is the perfect example of the LW "superpower" combination of ignorance and arrogance. (as an aside many of them have the superpowers of projection or logical fallacy instead). Thread is like me going down to my mechanic and making up names for the more exotic things under the hood while including my "expert" diagnosis of what's broken.

"You see it's the inverse baskin valve, you need to use your klemmer file and resurface that. I read all about it on the internet."

Wonder how he would respond?

 

In the words of one poster (who shall remain nameless)

Non-responsive

 

11+Million does. Since you seem to think there aren't very many people in that group, how about supporting your statement.

Everything I've found shows it's not such an exclusive club.

 

Your report does not state the estate tax only affects 230 farms.
It says that of all farms, it affects only 230.
And, of course, "Big, rich farms" is your class-warfare embellishment.

 

I get it so you don't think the equal rights with our laws is applicable.

You seem to think we're a democracy, where the majority is all that matters? Apparently we can be unjust and treat people without equality as long as the majority is not affected? Hmmm

 

Yes...since the Trump Admin and GOP passed the new tax law.....

prior to that the exemption was only 5 million....it's much more now.

 

It makes no difference how many people it affects. It is unfair. Taxes have already been paid. Then in a time of grief, the government thinks they need to get more.

Using a one year example is arbitrary cherry picking. Over a period of fifty years, it affects 11,500 which is about how long it takes accumulate such wealth.

 

"Over a period of 50 years"?

WTF

 

Que?

 

Your report does not state the estate tax only affects 230 farms, it says of all estates affected, 230 are farms.

 

For 2018, we forecast that 38,106 farm estates would be created and out of those, 0.6 percent (or 230 estates) would be required to file an estate tax return, and only 0.35 percent of the farm-estates will have an estate tax liability. The estate tax forecasts are based on simulations using the latest available farm-level survey data (USDA’s 2017 Agricultural Resource Management Survey (ARMS)) and assets and debts forecasts from the USDA/ERS Farm Sector Income and Finances forecast, as well as mortality rates from the Social Security Administrations, interest rate data from the Farm Credit System and cash rental rates for farm land from the NASS June Area Survey.

You're right...only 230 have to file and HALF have the tax applied to them

 

Yes. 230 out of all farm estates.
This is not the total number of estates, because not all estates are farm estates.

 

Why do Republicans still claim that the average American has to worry about the estate tax?

Because average Americans die just like everyone else.

 

It starts at a million and many small business gross that in a year, and have that much in assets from machinery and equipment. Hell a good cnc mill is half a million, ad a couple cnc lathes and your their wit room to spare by the time you add the building they're in and the ancillary equipment necessary to keep them up and running.

 

??? The estate tax exemption is $11.2 million for individuals, and $22.4 million for couples. How many owners of small businesses will be affected by this? And if they are, they can easily afford it.

 

A lot more than you're apparently willing to admit. It wouldn't be hard at all for a small business to have 20 million + in assets gross maybe a couple million a year enough to live decently on and keep the creditors at Bay and pay the help and be completely unable to deal with the estate tax when the owner drops dead of a heart attack at fifty. 22 million was a lot of money once upon a time today given land values it's chump change.

 

It starts at ELEVEN million.

Keep up

 

Que?

What small business are you talking about?

A HEDGE FUND?

 

Already addressed.

 

Not hardly. hell you got to have more than that to qualify as a small cap