What is it?
- The “Death” tax is basically a hefty estate tax that will soon dramatically increase if congress fails to act.
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Most all of the nation’s farmers and ranchers will
be dealt a serious blow if death tax rates are allowed to pass. Rates will be allowed to jump from a 35% tax
on estates worth at least $5 million to 55% on estates valued at $1 million and
up.
Kevin Kester, a rancher, inherited a 22,000 acre
ranch from his grandfather two decades ago, he paid the IRS $2 million. If the death tax is allowed to skyrocket,
Kester’s children could pay more than $13 million on that same 22,000 acre
ranch.
“ There is no way financially my kids can pay what
the IRS is going to demand from them nine months after death and keep this
ranch intact for their generation and future generations,” Kester said.
This tax will force the break-up of ranches and
farms. This does not only hurt the ones
inheriting the land but future generations to come. Farmers and ranchers are a dying breed and
this death tax, if past, will catalyze the small population America has
left.
This is ridiculous! This is just another way for the government to try to lower the deficit by taxing hard working Americans. Not going to get on my soap box, but they need to figure out a way to take care of this before it puts our agriculture industry out of business.
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