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Iowa Farmers here, please answer me this...

Two issues that you guys have missed already in this thread:
1) Biden is already on record on reducing funds for public safety. He'll continue the charade that has already started in some liberal dystopias
2) The death tax does impact a number of families at the $11 million mark. Unfortunately the second you have a fringe leftist like Biden in the WH and a sympathetic Congress, that taxable level would drop in a moment back to a number that would likely impact almost all contributing people.
 
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gonegolfing said:
Two issues that you guys have missed already in this thread:
1) Biden is already on record on reducing funds for public safety. He'll continue the charade that has already started in some liberal dystopias
2) The death tax does impact a number of families at the $11 million mark. Unfortunately the second you have a fringe leftist like Biden in the WH and a sympathetic Congress, that taxable level would drop in a moment back to a number that would likely impact almost all contributing people.
Click to expand...
Sounds like you'd better make a run on guns and ammo if Biden's elected to stop things from getting out of hand.
 
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gonegolfing said:
Two issues that you guys have missed already in this thread:
1) Biden is already on record on reducing funds for public safety. He'll continue the charade that has already started in some liberal dystopias
2) The death tax does impact a number of families at the $11 million mark. Unfortunately the second you have a fringe leftist like Biden in the WH and a sympathetic Congress, that taxable level would drop in a moment back to a number that would likely impact almost all contributing people.
Click to expand...

God forbid....that first $11M is tax-free.....:eek:
 
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So, is the tax on anything above the $11mil? Or does it tax everything, but the property has to be worth more than $11mil to be taxed?

If it's the latter, it would suck to be worth just over. Although, if someone is that close, just divest enough to get it below the threshold for taxes (not that anyone would do that now...)
 
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SSG T said:
So, is the tax on anything above the $11mil? Or does it tax everything, but the property has to be worth more than $11mil to be taxed?

If it's the latter, it would suck to be worth just over. Although, if someone is that close, just divest enough to get it below the threshold for taxes (not that anyone would do that now...)
Click to expand...

Only on the amount over
 
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pocha444444 said:
Only on the amount over
Click to expand...

Since I don't know the specifics, I'll throw amounts. If the cutoff is $11 mil, and the tax is 30% and a farm is valued at $11.1mil...they would have to pay $30,000 total tax bill?
 
SSG T said:
Since I don't know the specifics, I'll throw amounts. If the cutoff is $11 mil, and the tax is 30% and a farm is valued at $11.1mil...they would have to pay $30,000 total tax bill?
Click to expand...
Only the $100,000 over the $11 million will be taxed.
 
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An estate tax by definition is a tax on a deceased person. Kinda different than a tax on selling a used car to me.
 
If it wasn't for my taxpayer dollars that helped make these people worth over 11 million dollars, I probably wouldn't comment on it at all. But since they have been greatly subsidized, for whatever reason, I think that the death tax is just a way to scare morons.
 
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SSG T said:
Since I don't know the specifics, I'll throw amounts. If the cutoff is $11 mil, and the tax is 30% and a farm is valued at $11.1mil...they would have to pay $30,000 total tax bill?
Click to expand...
The rate is 40% but you’re thought process is right. And that’s without including other deductions that wipe out that extra $100k like depreciation, executor fees, funeral fees, etc.
 
I assume anybody with that much land already has dummy corporation or other legal maneuvers in place to transfer the land and avoid penalty.

wouldn’t surprise me if the only farmers you hurt with this is the family farm that didn’t lawyer up and have a lot of land with kids to hand it to.
 
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Let them check their daily trump talking points email first. Seesh.
 
There's a reason so many farming operations are LLCs. I have no problem with acquired wealth, but the continued sobsidation of these Mega farms is ridiculous.

Tax avoidance is part of the American dream for wealthy citizens. Hell, the President is Exhibit A.

In reference to the anti Greenfield ads... it's just funny how Republican SuperPacs and the like constantly attach Pelosi's name to any Democrat running for elected office. They must believe the low intelligence voters will buy it.
 
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joelbc1 said:
How does the “Pelosi/Greenfield Death Tax” adversely affect you? Or, are you part of or a victim of this GOP inspired false flag?

2 biggest political campaigning lies to date ( it’s only July) are the “Biden wants to defund the police” bullshit and the “Pelosi/Greenfield Death Tax” Lie....
Click to expand...

Well, what, you expect the GOP to campaign on the truth?

"Vote GOP! 150,000+ have valiantly sacrificed themselves for the economy. You can too!"
 
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gonegolfing said:
Two issues that you guys have missed already in this thread:
1) Biden is already on record on reducing funds for public safety. He'll continue the charade that has already started in some liberal dystopias
2) The death tax does impact a number of families at the $11 million mark. Unfortunately the second you have a fringe leftist like Biden in the WH and a sympathetic Congress, that taxable level would drop in a moment back to a number that would likely impact almost all contributing people.
Click to expand...
There are nearly 2000 farms in Iowa 2000 acres or larger. The trend is for larger and larger farms. Once your farmland in over what, 1100 acres you would be facing an estate tax in much of Iowa depending on the quality of land. So you get stuck paying estate taxes. Then you get into all kinds of complex legal stuff to avoid getting slaughtered by the tax man such as charitable investment trusts, life insurance and more. That gets really, really expensive and hampers investment in the corporation and forces land owners to rape and pillage the soil to offset the revenue diversion. If the estate tax happens, what I WOULD like to see is a tax that publicly held corporations that own land own have to pay an estate tax equivalent once every 60 years, none of this living into perpetuity bullshit.
 
MitchLL said:
Tax avoidance is part of the American dream for wealthy citizens. Hell, the President is Exhibit A.
Click to expand...
So.....I assume you never take any deductions on your tax return, since you are against tax avoidance. Or does your outrage only apply to people who have more than you do?
 
83Hawk said:
So.....I assume you never take any deductions on your tax return, since you are against tax avoidance. Or does that only apply to people who have more than you do?
Click to expand...
Wealthy farming operations have always "gamed" the system. It's why we need REAL tax reform.

Middle income taxpayers just don't have that luxury. Clock punching American workers and seniors pay the difference.

It's why the AFB and like lobby groups argue on behalf of agriculture.
 
MitchLL said:
Wealthy farming operations have always "gamed" the system. It's why we need REAL tax reform.

Middle income taxpayers just don't have that luxury. Clock punching American workers and seniors pay the difference.

It's why the AFB and like lobby groups argue on behalf of agriculture.
Click to expand...
Using legal tax breaks is not “gaming” the system.

You want farmers to pay more in taxes? Change the law.

You want to break up large farming operations? Change the law.

You want to get rid of lobbyists (all lobbyists, not just the ones for businesses/industries you hate)? Change the law.
 
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My biggest beef is doing a ton of work to a home, time, effort, money.... then paying more tax on that property because I busted my ass.
 
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The average sized farm in Iowa is supposedly 347 acres. However, that is bullshit, that may be how many acres are owned by one group as a farm. No way you can support a business that owns a combine, tractor and sprayer and be successful, at least if a full time operation.
 
biggreydogs said:
Lol. Gun purchases have sky rocketed last 3 months. And if Sundown wins people will be purchasing a crazy amount in Dec.
Click to expand...
Anything will be better than Benedict Donald. Look at our country now? Literally EVERY aspect is worse off in Trump's America. Just look at Trump's campaign video against Biden... It literally shows TRUMP'S AMERICA IN REAL FOOTAGE.
 
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gonegolfing said:
Two issues that you guys have missed already in this thread:
1) Biden is already on record on reducing funds for public safety. He'll continue the charade that has already started in some liberal dystopias
2) The death tax does impact a number of families at the $11 million mark. Unfortunately the second you have a fringe leftist like Biden in the WH and a sympathetic Congress, that taxable level would drop in a moment back to a number that would likely impact almost all contributing people.
Click to expand...

A very, very small number by the way. 0.2% of estates will typically have a tax due (2 out of every 1,000). I'll start giving a crap about those estates when the rest of you decide that losing 2% of our population is a big deal. Until then, you can kindly go eff yourselves sideways.
 
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