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re: Biden slipped in a hint in his tax proposal that could be very popular in farm states
Posted on 5/14/21 at 11:37 am to AUFANATL
Posted on 5/14/21 at 11:37 am to AUFANATL
It doesn’t take much of a real farm to be worth $11 million anymore. The problem for heirs is it is illiquid.
This post was edited on 5/14/21 at 11:38 am
Posted on 5/14/21 at 11:38 am to I B Freeman
The turnip proposing something decent... What's the catch? We'll all pay for it somewhere else instead, probably.
Posted on 5/14/21 at 11:39 am to JustAnAndroid
Republicans might pay in the farm belt
Posted on 5/14/21 at 11:40 am to I B Freeman
quote:
Biden did say he would exempt farms and small businesses passed on to heirs from all estate taxes.
Yeah that is all fine and good but he doesnt set the tax policies just signs the bill.
Posted on 5/14/21 at 11:52 am to AubieinNC2009
Putting 100% exemption of estate taxes for heirs of small businesses and farms on the table will pressure republicans to support bills that have this provision.
The estate tax should be eliminated for all.
The estate tax should be eliminated for all.
Posted on 5/14/21 at 12:04 pm to I B Freeman
quote:
exempt farms and small businesses passed on to heirs from all estate taxes.
So the natural unintended consequence is that old people will put 90% of their money into Farms, which their heirs can then resell.
An enterprising Farmer / Lawyer could develop a Sale / lease back / survivable right to repurchase contract, so the old sick man takes short-term token ownership but the farmer doesn't have to leave.
Posted on 5/14/21 at 12:08 pm to I B Freeman
quote:
What is bad is he proposed taking the exemption down to $3.5 million from the present $11 something million
There's where it starts. He's already crawfishing on it. Estates worth under $11M are already exempt and now he's willing to offer us all a wonderful deal by lowering it to $3.5M in exchange for cutting farmers out?
Right up until the farmers' exclusion is repealed.
Don't fall for it.
Posted on 5/14/21 at 12:18 pm to Bard
How many farms does Bill Gates own. Seem to remember a couple of months ago it was posted that he has bought up a lot of land across the US.
Posted on 5/14/21 at 12:30 pm to Geaux-2-L-O-Miss
quote:
How many farms does Bill Gates own. Seem to remember a couple of months ago it was posted that he has bought up a lot of land across the US.
Once his divorce goes through it will be about 1/2 of what he used to own.
Posted on 5/14/21 at 12:34 pm to I B Freeman
There has to be a suitable compromise but at this point I don’t trust either side to negotiate in good faith.
Posted on 5/14/21 at 12:39 pm to MeatCleaverWeaver
quote:
It helps mostly white Americans in red America, I’ll have to believe it when I see it.
You think all the Midwestern farms are “red” America?
Posted on 5/14/21 at 12:45 pm to I B Freeman
quote:
Are the down voters socialist or do they simply hate Biden so much they would oppose estate tax relief for farmers and small business owners????
Downvotes are most likely:
a) Not believing / trusting Biden's motives
b) Downvoting you personally due to your previous stances
That said, though I've argued with you before (albeit not in at least a year), I upvoted you on this one for bringing up an interesting topic, and doing so fairly: pointing out that he mentioned a potential tax break for farmers but being open ended in your presentation of that and acknowledging no context was given.
The question for any legislation like this is who benefits? For instance, in the case of something like giving out overly-excessive checks to people that are close to what they would make from working, who really benefits? If you break up society into poor/fringe, middle class, and elites/technocrats/globalists, I'd say the globalists came out on top...
* The poor are pushed into a position of getting used to a handout and growing soft (thus further enslaved), and more controllable.
* The middle class is gutted, as it has been over the last year in many ways. Countless people have lost jobs, countless small businesses have been shuttered, in certain areas, small business have been ransacked by angry leftist mobs and/or burned down.
* The globalist have not really suffered, though, have they? Bezos and many others have come out richer than before the pandemic, and between them all, are holding even more of the marbles, between money, resources, land, etc.
So, who would benefit here? Assuming Biden said what you claimed (I don't doubt you, I just haven't seen/heard it), I have a hard time believing Biden came up with the idea himself, and I have a harder time believing he did so with the actual thought of helping small farmers. What are some other possibilities?
The first thing that actually came to my mind as I read your OP is the recent news that Bill Gates has been gobbling up farm land and is now one of the largest farm land holders in some context. If we were to look at this more closely, would we see other globalists / large corporations similarly buying up farm land? If Gates isn't the only one (I don't really know), then that would be a clear signal that Biden's potential tax break to farmers would be tied to globalist moving into buying farms. Not only would globalist gain further control of food production (and thus control of the people), they would undoubtedly be positioned to take advantage of a tax break that was supposedly for the small farmer, but never really was. Also, if a currency crash is coming as many suggest, buying farms, then getting tax breaks would be a good way for globalists to come out asset rich when if they were stuck in cash, they might've ended up losing value.
The above is just a hypothesis off the top of my head that I can't really back up. It just seems plausible given that: 1) it's highly unlikely that a left leaning government would actually give a break to small biz / farmers, 2) Those who have been concerned about the Great Reset have postulated that control of food production is a core principle of that reset.
The most innocent possibility I can think of is that Biden's comment is just bait to try and get farmer support for midterms next year and that nothing meaningful will come of it.
Posted on 5/14/21 at 12:46 pm to I B Freeman
quote:
I don’t trust any democrat.
quote:
I B Freeman
Posted on 5/14/21 at 12:59 pm to 14&Counting
I’m curious how you can legally apply a special estate tax exemption just for landowners???
It may be possible but it seems a bit of a stretch. Can you give a special tax exemption to one area code? One city? One industry? May be possible but seems unlikely
It may be possible but it seems a bit of a stretch. Can you give a special tax exemption to one area code? One city? One industry? May be possible but seems unlikely
Posted on 5/14/21 at 1:10 pm to I B Freeman
Look for a whole bunch of farms with really strong balance sheets before long. This will be games to the max.
Posted on 5/14/21 at 1:16 pm to I B Freeman
quote:
small businesses
What's a small business? I know business owners that gross 50 million and may not a million or so, the construction industry can be like that.
Posted on 5/14/21 at 1:19 pm to I B Freeman
How do I get my estate listed as a farm?
I have houseplants that I water and prune. . .
I have houseplants that I water and prune. . .
This post was edited on 5/14/21 at 1:20 pm
Posted on 5/14/21 at 1:22 pm to I B Freeman
quote:
I B Freeman
GHINA!!!!!!
Posted on 5/14/21 at 1:25 pm to Vegas Eddie
quote:
You think all the Midwestern farms are “red” America?
I don’t think all of any group is. The majority are though.
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