Home Forums Hunting & Shooting Hunter's Campfire Kiss your family farms and businesses goodbye

Transfer and "equalization" of wealth. The citizens will all be poor together and the politburo elite will own everything.

Gee.....
I never thought that was part of the plan.
Thanks for that stunning revelation.
Then she can run for 2 terms if she ascends the throne at 2yrs and 1 day into " Joeys" reign when he abdicates due to his med probs.



Gawd....
I just dont stop learning on here ever!!!!

I need to become more astute constitutionally and politicallly.



LOL!!!

The problem is that very few people in the country own more than a house lot, if that. There will be little to no opposition to Gates et al seizing and controlling the land. There have been U.S. government farm policies for decades with the aim of urbanizing the population. It has worked. If a government wants to control people they have to be corralled. That was our policy in Vietnam and why we used Agent Orange to destroy crops and soldiers to "pacify" villages. We had to get those gooks into town.

Farms aren't the target, folks. In reality, about half the houses in metro cities are worth as much or more than the average farm. Loss of the stepped up basis will effect every one of them, and the net income from just that little change...... would blow your mind. In the case of housing, the solution is easy, sell instead of passing to your heirs (capital gains exemption on personal homes). Most people, however, are piss poor tax planners, or think they won't die, so if this goes through, it will impact quite a few people.

As far as farms and business, it will keep the tax and estate attorneys busy, and the diligent will implement the work arounds, but those who fail to plan will be skewered.

Farms aren't the target, folks. In reality, about half the houses in metro cities are worth as much or more than the average farm. Loss of the stepped up basis will effect every one of them, and the net income from just that little change...... would blow your mind. In the case of housing, the solution is easy, sell instead of passing to your heirs (capital gains exemption on personal homes). Most people, however, are piss poor tax planners, or think they won't die, so if this goes through, it will impact quite a few people.

As far as farms and business, it will keep the tax and estate attorneys busy, and the diligent will implement the work arounds, but those who fail to plan will be skewered.

And then farming will stop.

MM

And the land will be seized and turned over to be farmed by the Socialist masses, to theoretically feed one another.


Its Utopia.

And that is what paddler and suck ass and cowboy Tim voted for, the downfall of decent folks and America.

It's as if a group of people who've spent a great deal of time figuring out the best way to destroy our nation have now been given power over everything in our nation.

Biden’s tax plan includes not only a removal of the step up in basis but an immediate tax due on unrealized capital gains assessed on the transfer. So, whether you sell the farm or not, you’ll owe the tax on the increase in value from the day it was purchased to the day you inherit. So, of course, the only way for most people to pay it will be to sell.

Obviously, the little guy will take it up the ass. Corporations, the ultra rich, and of course Chinese investors will soon own all the land.

Why doesn't Paddler, SuckAssCharlie, or ISRO ever post on topics like this?

I'm not following this and I am not especially knowledgeable about taxes but doesn't this mean that a person inheriting a farm (or other real estate) would pay capital gains on it based on their income? So an individual who inherits that makes between $40k and $450k per year or a married couple making between $80k and $500k per year would owe 15% on the value of the real estate. If you make less, there is no tax. If you make more, the tax is 20%. So, for example, most people inheriting a $500k property would owe $75k in taxes. That sucks but wouldn't necessarily mean that they would sell. If I was in that spot and I didn't have the money to pay the tax, I would just take a line of credit against the property and pay it back over a few years. I don't like this plan (although I am not going to inherit any wealth or property), I don't think it is as black and white as you are saying. Keep it or sell it, you still end up paying the tax so it makes just as much financial sense to keep the land.

What about Trusts, Dutch?

Your opinion?

My understanding is.
The way it is now if I die my kids inherit my place at present value. New plan if I bought it 30 years ago at 10,000 and its worth 500,000 they pay tax on 490,000.