More than half a million family farms could be threatened with insolvency when a death tax increase rammed through the Senate by Harry Reid and the Democrats goes into effect, according to an analysis by the Senate Republican Policy Committee.
That’s about a quarter of all the farms in America, according to the Washington Examiner.
The tax hike raises the rate on family estates by a whopping 20 percent, from 35 percent to 55 percent. It also lowers the exemption threshold from $5.1 million to $1 million.
The increase was passed on a party-line vote over the summer.
Because of rising farm real estate values, that puts a quarter of the farms in the country in jeopardy should an owner die and try to pass the farm to his heirs.
Since the value of most farms is largely in the land, buildings and other non-liquid assets, heirs may find themselves having to sell off large portions of their farms to satisfy the tax debt.
The death tax is one of the most reviled levies to come out of Washington. It effectively charges grieving families because a loved one has died and tried to leave them some money or property that has already been taxed, probably repeatedly, during the life of its original owner.
This is the sort of thing that really fries my biscuit. Where the H-E-double-hockey-sticks do the Democrats get off thinking that they can steal more than half of a family’s inheritance just because someone dies?
The original American Revolution was started largely because of unjust taxation, and those taxes were nothing compared to what we are doing to ourselves today.
If there was any justice in the world, this death tax increase would get Washington politicians tarred, feathered and run out of town tied to a rail.
But the “fair share,” soak-the-rich narrative has this nation so cowed that it seems unlikely anything will change as we watch the government steal what’s left of our farming culture, then wonder why people won’t be able to afford food at the grocery store.