kallend 2,027 #51 August 14, 2012 QuoteQuoteQuoteQuoteQuoteQuoteQuoteTo me, if someone wants to work hard amass a fortune and it is their desire to leave it all to the kids, they should be able to without penalty. That sounds fair, provided the kids pay tax on their income like anyone else would have to. Of course, applying the inheritance tax instead of the income tax allows those kids to get a large chunk of that inheritance/income tax free, with only the remainder being taxed. My original point was the inheritance tax hurts the small family farms and ranches. The kids can't afford the inheritance tax and have to sell the family operation to pay the tax. Which means fewer sources for food for this country. Currently, the first $5 million of an inheritance is exempt from the estate tax. That isn't hurting small family farms and ranches. A small ranch runs usually 5,000 to 10,000 acres. At the going raqte of $3,00 t0 $3500 an acre... plus cattle, eequipment, house, barns, water wells and etc. Do the math. Chuck Sorry, but I find it hard to feel sorry for someone inheriting a $35,000,000 property who whines about paying their tax. What? That's in real property, not cash money!! That's not what's in their bank account! C'mon man. They would have to sell-off too much to pay the tax. You need to visit with some farmers and ranchers. Chuck There are always banks who will make loans to viable businesses. If not profitable enough, maybe the farm should be sold.... The only sure way to survive a canopy collision is not to have one. Quote Share this post Link to post Share on other sites
masterrig 1 #52 August 14, 2012 QuoteQuoteQuoteQuoteQuoteQuoteQuoteQuoteTo me, if someone wants to work hard amass a fortune and it is their desire to leave it all to the kids, they should be able to without penalty. That sounds fair, provided the kids pay tax on theirincome like anyone else would have to. Of course, applying theinheritance taxinstead of theincome tax allows those kids to get a large chunk of thatinheritance/income tax free, with only the remainder being taxed. My original point was theinheritance tax hurts the small family farms and ranches. The kids can't afford theinheritance tax and have to sell the family operation to pay the tax. Which means fewer sources for food for this country. Currently, the first $5 million of aninheritance is exempt from the estate tax. That isn't hurting small family farms and ranches. A small ranch runs usually 5,000 to 10,000 acres. At the going raqte of $3,00 t0 $3500 an acre... plus cattle, eequipment, house, barns, water wells and etc. Do the math. Chuck Sorry, but I find it hard to feel sorry for someoneinheriting a $35,000,000property who whines about paying their tax. What? That'sin realproperty, not cash money!! That's not what'sin their bank account! C'mon man. They would have to sell-off too much to pay the tax. You need to visit with some farmers and ranchers. Chuck There are always banks who will make loans to viable businesses. If not profitable enough, maybe the farm should be sold. Well, that would mean a goodly number of farms right there in your back-yard considering the drought the mid-west and Oklahoma andTexas are going through. Crops haven't been re-planted after the early spring rains up in your country and the mid-west and now, above normal temperatures and no rain. That doesn't make for viable farming or ranching. Just higher prices at the market. Consider also the fact that farmers and ranchers get only ONE paycheck a year, no crop, no pay... show me a bank who is going to loan money at those odds!! Chuck Quote Share this post Link to post Share on other sites
StreetScooby 5 #53 August 14, 2012 Quote show me a bank who is going to loan money at those odds!! These are far too many facts, Chuck. Stop it.We are all engines of karma Quote Share this post Link to post Share on other sites
masterrig 1 #54 August 14, 2012 Quote Quote show me a bank who is going to loan money at those odds!! These are far too many facts, Chuck. Stop it. He asked... Chuck Quote Share this post Link to post Share on other sites
kallend 2,027 #55 August 14, 2012 So now you're saying these are NOT viable businesses. Ok.... The only sure way to survive a canopy collision is not to have one. Quote Share this post Link to post Share on other sites
masterrig 1 #56 August 14, 2012 QuoteSo now you're saying these are NOT viable businesses. Ok. No. That's t the way it is. They've been feeding you and the rest of this country since the Pilgrims. They happen to love what they do and will do what it takes. Good, bad or otherwise. Chuck Quote Share this post Link to post Share on other sites
jcd11235 0 #57 August 14, 2012 QuoteA small ranch runs usually 5,000 to 10,000 acres. At the going raqte of $3,00 t0 $3500 an acre... plus cattle, eequipment, house, barns, water wells and etc. Do the math. That's hardly a small inheritance. I don't feel a bit bad about expecting inheritors to pay a tax on their windfall. A $5 million exemption is more than generous.Math tutoring available. Only $6! per hour! First lesson: Factorials! Quote Share this post Link to post Share on other sites
jcd11235 0 #58 August 14, 2012 QuoteWell, that would mean a goodly number of farms right there in your back-yard considering the drought the mid-west and Oklahoma andTexas are going through. Crops haven't been re-planted after the early spring rains up in your country and the mid-west and now, above normal temperatures and no rain. That doesn't make for viable farming or ranching. Just higher prices at the market. Consider also the fact that farmers and ranchers get only ONE paycheck a year, no crop, no pay... show me a bank who is going to loan money at those odds!! Chuck Here in the Midwest, a 5000-10,000 acre farm is not considered small.Math tutoring available. Only $6! per hour! First lesson: Factorials! Quote Share this post Link to post Share on other sites
masterrig 1 #59 August 14, 2012 QuoteQuoteA small ranch runs usually 5,000 to 10,000 acres. At the going raqte of $3,00 t0 $3500 an acre... plus cattle, eequipment, house, barns, water wells and etc. Do the math. That's hardly a small inheritance. I don't feel a bit bad about expecting inheritors to pay a tax on their windfall. A $5 million exemption is more than generous. What you and too many others don't seem to understand is, that money is tied-up in land, machinery and structures. Did you miss the part where I said they only get one paycheck a year, when they sell their crops or cattle and that goes to paying for medications, for livestock over the past year, seed for planting, fuel, machinery repairs and maintenance, taxes on their land and home, and loan payments. That's what the person inheriting that ranch or farm gets to pay inheritance tax on. The inheritance tax to me is nothing more than theft by our government. All the taxes have been paid over the years and the government wants more. That's what farmers and ranchers do just to keep you and the rest of this country fed. Chuck Quote Share this post Link to post Share on other sites
SkyDekker 1,465 #60 August 14, 2012 QuoteWell, that would mean a goodly number of farms right there in your back-yard considering the drought the mid-west and Oklahoma andTexas are going through. Crops haven't been re-planted after the early spring rains up in your country and the mid-west and now, above normal temperatures and no rain. That doesn't make for viable farming or ranching. Just higher prices at the market. Consider also the fact that farmers and ranchers get only ONE paycheck a year, no crop, no pay... show me a bank who is going to loan money at those odds!! How did the parents get the ranch? Quote Share this post Link to post Share on other sites
kallend 2,027 #61 August 14, 2012 QuoteQuoteSo now you're saying these are NOT viable businesses. Ok. No. That's t the way it is. They've been feeding you and the rest of this country since the Pilgrims. They happen to love what they do and will do what it takes. Good, bad or otherwise. Chuck If the business is viable they will be able to get a loan from a bank. That's how local banks make their money.... The only sure way to survive a canopy collision is not to have one. Quote Share this post Link to post Share on other sites
jcd11235 0 #62 August 14, 2012 QuoteWhat you and too many others don't seem to understand is, that money is tied-up in land, machinery and structures. I understand it just fine. That the inheritance is non-liquid assets is irrelevant. Taxes should still be paid. It certainly isn't "theft by our government."Math tutoring available. Only $6! per hour! First lesson: Factorials! Quote Share this post Link to post Share on other sites
DanG 1 #63 August 14, 2012 I don't understand why anyone would keep a $35M business as a personal asset. Shouldn't the property be in the name of a business? Unless I'm vastly mistaken, there is no tax due when the current CEO of a business passes the reins to someone else, be it his next of kin or otherwise. - Dan G Quote Share this post Link to post Share on other sites
StreetScooby 5 #64 August 14, 2012 Quote It certainly isn't "theft by our government." At 55%, it will be.We are all engines of karma Quote Share this post Link to post Share on other sites
jcd11235 0 #65 August 14, 2012 QuoteQuote It certainly isn't "theft by our government." At 55%, it will be. Disagree. Taxes are not theft. Tax evasion is theft.Math tutoring available. Only $6! per hour! First lesson: Factorials! Quote Share this post Link to post Share on other sites
masterrig 1 #66 August 14, 2012 More than likely, from their parents by purchasing it. They bought it to keep it in the family and because they love the work and lifestyle. Chuck Quote Share this post Link to post Share on other sites
masterrig 1 #67 August 14, 2012 Some do incorporate. Each farmer or rancher handles his business the way he sees fit for him. Chuck Quote Share this post Link to post Share on other sites
masterrig 1 #68 August 14, 2012 QuoteQuoteWhat you and too many others don't seem to understand is, that money is tied-up in land, machinery and structures. I understand it just fine. That the inheritance is non-liquid assets is irrelevant. Taxes should still be paid. It certainly isn't "theft by our government." The government isn't getting enough through property taxes? Taxes that are paid annually, not to mention income tax? Boils down to nothing more than 'legal theft'. Chuck Quote Share this post Link to post Share on other sites
masterrig 1 #69 August 14, 2012 QuoteQuote It certainly isn't "theft by our government." At 55%, it will be. You got it!! Chuck Quote Share this post Link to post Share on other sites
jcd11235 0 #70 August 14, 2012 QuoteThe government isn't getting enough through property taxes? Taxes that are paid annually, not to mention income tax? Boils down to nothing more than 'legal theft'. Property taxes tend to go to local government. Income taxes tend to go to state and federal government. Taxes aren't theft any more than a retailer expecting customers to pay for merchandise they leave with is theft. Taxes are the cost of services provided by government. Tax evasion is theft of those services.Math tutoring available. Only $6! per hour! First lesson: Factorials! Quote Share this post Link to post Share on other sites
SkydiveJonathan 0 #71 August 14, 2012 QuoteQuoteQuote It certainly isn't "theft by our government." At 55%, it will be. You got it!! Chuck Taxes pay off the deficit which otherwise affects everyones' children. Quote Share this post Link to post Share on other sites
rehmwa 2 #72 August 14, 2012 QuoteTaxes aren't theft any more than a retailer expecting customers to pay for merchandise they leave with is theft. Taxes are the cost of services provided by government. Tax evasion is theft of those services. So are you also saying that people that don't pay any taxes are thieves? it's rhetorical, I know your answer ... Driving is a one dimensional activity - a monkey can do it - being proud of your driving abilities is like being proud of being able to put on pants Quote Share this post Link to post Share on other sites
jcd11235 0 #73 August 14, 2012 QuoteSo are you also saying that people that don't pay any taxes are thieves? Yes, people who don't pay the taxes they owe are thieves (though not necessarily in the legal sense of the word).Math tutoring available. Only $6! per hour! First lesson: Factorials! Quote Share this post Link to post Share on other sites
masterrig 1 #74 August 14, 2012 QuoteQuoteQuoteQuote It certainly isn't "theft by our government." At 55%, it will be. You got it!! Chuck Taxes pay off the deficit which otherwise affects everyones' children. Taxes can destroy a small, family business, too!! By the way, you answered my earlier question. Chuck Quote Share this post Link to post Share on other sites
masterrig 1 #75 August 14, 2012 QuoteQuoteQuote It certainly isn't "theft by our government." At 55%, it will be. Disagree. Taxes are not theft. Tax evasion is theft. Double taxation is theft... unless the government does it! Chuck Quote Share this post Link to post Share on other sites
