Posted 11/14/2012 00:49 (#2696162 - in reply to #2696093) Subject: Re: Bingo!!!!
Someone I finally agree with. One thing I want to clear up, the estate tax affects the heirs not the deceased. The deceased are now dead. The heirs just received a windfall, it should be taxed, the rate, excemption amount, I think we're close to reasonable. These old-timers afraid of paying a 15% cap gains tax are the biggest deterrent to young people starting a farming career. Imagine if the cap gains tax was @ 25%. Every old fart I know got their land for 0-next-to-nothing.......they won't sell because of the tax burden...let their kids(who are now in there 60s), inherit it tax free & then what? We're one more generation removed from anyone that actually worked the land.