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526,421 Family Farms Threatened By New Death Tax On Jan. 1

Dec. 13, 2012 Source: Senate Republican Policy Committee

What should estate tax levels be?

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New legislation that jumps the death tax to 55% of estates exceeding $1 million threatens 526,421 family farms, or about 25% of all farms in America, according to an analysis conducted by the Senate Republican Policy Committee. You can read more here.

And be sure to vote in our online poll at beefmagazine.com. This week's poll asks the question: "What should the estate tax level be?" Of more than 225 responses, the vast majority (73%) favor killing the tax, while 19% favor a $5-million individual exemption and 35% tax rate. Another 5% prefer a $3.5-million exemption and 45% rate, indexed to inflation; and 2% favor a $1-million individual exemption and 55% tax rate.You can read all the comments to the question here.

Discuss this Article 11

Anonymous (not verified)
on Dec 13, 2012

Since the goverment is spending more money than it takes in somebody has to pay the bills. People should pick from two options either tell the government to spend less or pay more taxes. If you want to pay more taxes the option should be pay now or pay later. Why not pay your tax bill that you owe when you die? You enjoyed the services the goverment provided for you when you were living. You can't have your cake and eat it too. Unless you think freeloading and passing your debts onto the next generation is ethical.

Anonymous (not verified)
on Dec 13, 2012

Sure, whatever Goldman Sachs and JP Morgan demand, we should hand over willingly...

"If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their Fathers conquered." -- Jefferson

Anonymous (not verified)
on Dec 17, 2012

Every generation should pay their bills. There are execeptions like wars ,disasters etc.

Anonymous (not verified)
on Dec 17, 2012

Don't be silly , the rich will find a way to be broke when they die.

Frank Schlichting (not verified)
on Dec 13, 2012

Forgot to add my name and email on the last post.

Anonymous (not verified)
on Dec 13, 2012

I don't think we are likely to completly kill it. But maybe 1% for the 2nd million 2% for the second million 3% fro the 3rd million, etc. might be an option.

James Pritchett (not verified)
on Dec 13, 2012

Kill the tax so we can continue to feed the world.

Schedule f
on Dec 16, 2012

Estates are largely generated with post tax income. Why should we be taxed again on the same money?
The death tax should be completely repealed. If it's not, family farms and ranches will become a thing of the past. It's almost impossible for families to stay in business paying the death tax. It causes at least partial liquidation of the business and most family farms or ranches can't afford nor should they have to loose any portion of the ground they have to the federal government. We have paid for the government services all our lives. The death tax is just one more tool to move the US into a socialist regime

Anonymous (not verified)
on Dec 17, 2012

Graduated scale.Depending on value of estate

Anonymous (not verified)
on Dec 18, 2012

It will come a point where the small farmer will disappear. That will be a sad point in American History. Our country was built by hard work, sweat and tears. Our country will be destroyed by men in suits that have never worked a day in their lives.

Wood (not verified)
on Dec 18, 2012

I agree with schedule f. We are literally taxed to death!

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