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Farmers watch fiscal
cliff crisis closely

Philadelphia Inquirer, by Tom Infield

Original Article

Posted By:JoniTx, 12/20/2012 7:17:29 AM

Among the many Americans concerned about the fiscal-cliff negotiations in Washington are farmers, who have a particular stake. Their worry: inheritance taxes. If Congress doesn´t act, the threshold for an estate to become subject to federal taxation would fall from $5 million to a little over $1 million on Jan 1. And the tax rate on value above $1 million would jump from 35 percent to as much as 55 percent. Small-business owners and well-to-do seniors could also be hit by a return to pre-2001 tax rates. But farmers say they are especially vulnerable because of the large investments

      


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Reply 1 - Posted by: smcchk, 12/20/2012 7:49:11 AM     (No. 9075782)

Any tax-paying citizen who did not vote for Romney is an idiot. Why any of them were conflicted is beyond me. Now, we will suffer the consequences.

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Reply 2 - Posted by: Davids918, 12/20/2012 8:01:54 AM     (No. 9075806)

$1 million isn´t really that much any more, but Obamination won, and the Democrats are hoping the Republicans save them from this fiscal cliff.

Democrats will get all the credit, and Republicans all the blame.

Republicans need to message that "we tried to deal with this president, and we know the Senate Democrats didn´t want to discuss anything like they have for nearly 4 years, so this is the end result of partisan Democrat politics".

But, Republicans won´t be specific and point the blame at Democrats (they always say Congress needs to act - and then are blamed as controlling Congress).


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Reply 3 - Posted by: kanphil, 12/20/2012 8:39:04 AM     (No. 9075861)

The Death Tax is as unfair as they come. It is double taxation, as tax was paid originally on the money it took to buy the farm or ranch or whatever. If farms or ranches have to be broken up to pay the tax, prices of food will skyrocket, and cheap food is one of the reasons for the prosperity of the USA. Further, some of the most talented farmers will be forced to leave farming leading to lower efficiency and higher food prices. The Death Tax is nothing more than a redistribution of wealth, dear to Obama but lethal to the rest of the country.

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Reply 4 - Posted by: Quaestio, 12/20/2012 10:24:56 AM     (No. 9076051)

Combine this with the regulation to prevent children from working on their family farms (it will be put in place now that the election is over) and individual farms will be eradicated. But it will all be for the good, because out of national security the government can then take over all agriculture.

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Reply 5 - Posted by: Hotrod, 12/20/2012 10:29:59 AM     (No. 9076060)

The EPA has already hurt farmers badly, now the democrats will finish them off with taxes.

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Reply 6 - Posted by: M Stuart, 12/20/2012 11:38:54 AM     (No. 9076177)

White farmers. The black farmers got $50,000 reparations.

What is worse is the cost of petroleum products. Fuel is through the roof. Ditto fertilizer. Ditto chemicals.

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Reply 7 - Posted by: Marzon, 12/20/2012 12:12:39 PM     (No. 9076222)

Zippy and his crew want to drive the small farms under. It will be much easier to control food production when it is concentrated in the hands of a few large companies, which can either be run by cronies or threatened by regulations into doing what the statists want.

And once you control the food supply, it is easy to control people. Even militia fighters need to eat.

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Reply 8 - Posted by: proudsaber, 12/20/2012 12:34:22 PM     (No. 9076261)

Farmers should be able to get around this wby formin a Trust. That should take care of this problem to keep it in the family



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