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sam1wiseone
Senior Contributor

coming for the farm

"Moreover, the estate tax rate would begin at 45% for assets over $3.5 million,"

https://www.zerohedge.com/political/billionaires-shouldnt-exist-bernie-sanders-rolls-out-super-aggre... 

Once you get past the idea of a wealth tax the actual level is arbitrary.  The American dream was to work hard, build assets, make a better life for yourself and your children.   Conflicts with the marxist dream however.

14 Replies
r3020
Senior Advisor

Re: coming for the farm

To each according to his need. From each according to his ability.

sdholloway56
Senior Advisor

Re: coming for the farm

Nah.

That's a more generous exemption than I'd suggest- I'd say a homestead quarter (about $1M) is a good place for the exemption. 3-500 acres sounds like a lot. That's The Family Farm.

Although there's now a future for guys to dress up in their overalls and testify to Congress about the unfairness of it all.

Ought, I think, to be a larger exemption for continuing businesses, farms or whatever, but they don't get the step up in basis.

r3020
Senior Advisor

Re: coming for the farm

What you think doesn't matter. You're a peasant.

sdholloway56
Senior Advisor

Re: coming for the farm

If you guys want your kids to be grooms in the aristocracy's stables, be my guest.

Math is tough but a billion is a whole lot more than a million.

sdholloway56
Senior Advisor

Re: coming for the farm

I'm not sure anybody here is a really a farmer- might be some semi-farmer land heir types.

But I can never get my head around people who really are farmers and want future generations to continue who are dead set on their own demise.

r3020
Senior Advisor

Re: coming for the farm

The number will change with every new needed socialist program.

sdholloway56
Senior Advisor

Re: coming for the farm

Sure.

Just like they'll come for you .22 after the assault rifle, be engaging in mass eugenics if any abortion is allowed.

r3020
Senior Advisor

Re: coming for the farm

Nothing is ever enough with progressives.

sdholloway56
Senior Advisor

Re: coming for the farm

At $3.5M looks like it would begin to kick in around the top 3-4% of estates.

Currently about .2% pay a Fed inheritance tax. A couple farms did last year.

If you folks want your grandchildren to be working on Jared and Ivanka's plantation, be my guest. Although I assume most assume they'll be overseers.