Where did I say that non-profits should pay taxes? In any case, that’s not the point. Even businesses don’t pay taxes when they have no profits.
Contributions to those organizations, on the other hand . . . exactly why should I be subsidizing someone else’s religious institution?
Why should anyone be forced to subsidize God’s presence* in the neighborhood?
*rather, the institution(s) whose stated purpose is to represent God.
Subsidizing? And what does your subsidizing nonsense have to do with the Democrat Leadership’s socialist/communist wealth tax which is the subject of the thread? Eh?
JWK
It’s not democrats who are destroying the country, stupid. It’s the Democrat Party Leadership that is destroying the Country by trying to overturn an election with a witch-hunt, falsely called an impeachment.
What people forget in all this is this is going to effect family owned farmers and ranchers the most. Millionaires will find ways around this tax or just leave the United States.These people own one thing land and that land is what provides them and their families a living. These people are not millionaires they are probably making after costs 30,000 to 50,000 a year.
What they do have is land and it does not take much land to add up to 3 million. So what this tax does is speed up the death of small family owned farms and ranch’s. These people are already hit hard by state property tax’s and having a hard time surviving.
That is simply not true.
Most family farms are not worth more than 3.5 million, including the land.
That’s completely insane.
Just 640 acres of raw farmland is going to average around 1.25-3 million dollars.
That doesn’t even include any improvements or equipment to operate it.
Sorry but your are mistaken. You need to get out of the city some time. Land is expensive.
My father is considered a small rancher. Just his land is worth over 3 million. Next you have to add on livestock and equipment. And most of his equipment is over 20 years old. This is a man that has lived frugally all his life. He purchases a new pickup about every 15 years. My his has only taken one vacation in 70 years. And I know for a fact because I do his tax’s what is his net income. This is after all business expense are taken out. And this is a man to is honest to a fault on what he declares as a business expense. Lives on around 30,000 a year.
about 90% of farms are small – meaning they bring in $350,000 or less in revenue a year, according to the USDA. And the median wealth for farm operator households was $827,300 in 2015.
I don’t care that you an find some lies that support your claim. I live this life. I know what land is worth.
Small by what standard? How much revenue they can generate is irrelevant to what they have tied up in land, equipment, and improvements.
“median wealth” excludes what you have mortgaged.
There’s a “special use” valuation that may be used to lower the value of farm land for estate tax purposes. In 2017, the provision lets an estate take up to $1.12 million off the fair market value of a farm property if the market value is higher based on the potential use for the land – e.g., how much it could fetch for retail or residential development.
In cases where estate tax is owed, normally it’s due within 9 months from the date of death. But family members who inherit a farm and plan to continue running it are allowed to take 15 years to pay it off if the farm assets make up 35% or more of an estate’s value. What’s more, the heirs may choose to only pay interest on the tax due in the first four years, Kaufman said.
Lawmakers permanently increased the estate tax exemption level to just over $5 million and indexed to inflation in 2012. If they had not done that, only estates below $1 million would have been exempt from the tax.
One Republican senator, Susan Collins of Maine, has publicly acknowledged that increase has eliminated the estate tax risk for most farms and ranches.
Collins told the Wall Street Journal last week that by making a high exemption level permanent, “We’ve taken care of the problem for the vast majority of family-owned businesses or ranchers in this country.”
If you don’t like paying more in taxes, then my suggestion is you vote in people who won’t raise them.
If you don’t like not being able to deduct all of your state taxes then you have the same thing in common with the very people you want taxed.
I plan on giving it to my family. I earned it and I should be able to do with it what I want.
If it comes to the point where government needs to suck its citizens dry rather than cut their spending, I’m sure I’ll find a legal way to pass it along just as I intended.
^^This…
And now the dems want to throw out all this and tax ranchers and farmers on the wealth of their land. We are not talking about current law we are talking about the dems new wealth tax on everyone.
Given the way politicians spend other people’s money, enrich themselves, game the system? What do you actually think is going to trickle down in any meaningful way?
Heck. If I want to give to a cause, I want the highest dollar per dollar going to the people the charity supports. If I have the extra money to do so I can. What actually goes to a person after it is washed through the government?
So does that go for every non-profit or just churches?
That’s not a good way to run a business.
That’s farming and we’re discussing wealth, not income.
