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Estate Taxes
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<blockquote data-quote="Conagher" data-source="post: 176971" data-attributes="member: 1818"><p>I did not want to hi-jack the other post but thought this is an interesting topic. </p><p></p><p>At the top-level, estate taxes appear to be a bad thing - death tax. However, digging a little deeper makes you think.</p><p></p><p>I believe Congress adopted the estate tax in 1916 as a way to "break up the swollen fortunes of the rich". Steel magnate Andrew Carnegie put it this way a century ago, "The parent who leaves his son enormous wealth generally deadens the talents and energies of the son, and leads him to lead a less useful and less worthy life than he otherwise would."</p><p></p><p>Some more information:</p><p>"The family farmer is the poster child of the anti-estate-tax movement, but the truth is that less than one in 20 farmers leaves a taxable estate.Even for the small number of farm estates that do pay any tax, the typical tax payment is only about $5,000. Only 0.5% of total estate taxes is attributable to farm assets. Non-farm family businesses are also only a small part of the estate tax --less than 3% of total assets for estates worth less than $2.5 million."</p><p></p><p>Interesting. Applying to my own situation, the land I bought was for sale to settle an estate; otherwise this land may have stayed in the same family. It was highly unimproved, overgrown, idle, neglected and unproductive. Because of the estate settlement and my purchase, it is now a productive ranch. How many of you own productive ranches that were purchased because of estate settlement?</p></blockquote><p></p>
[QUOTE="Conagher, post: 176971, member: 1818"] I did not want to hi-jack the other post but thought this is an interesting topic. At the top-level, estate taxes appear to be a bad thing - death tax. However, digging a little deeper makes you think. I believe Congress adopted the estate tax in 1916 as a way to "break up the swollen fortunes of the rich". Steel magnate Andrew Carnegie put it this way a century ago, "The parent who leaves his son enormous wealth generally deadens the talents and energies of the son, and leads him to lead a less useful and less worthy life than he otherwise would." Some more information: "The family farmer is the poster child of the anti-estate-tax movement, but the truth is that less than one in 20 farmers leaves a taxable estate.Even for the small number of farm estates that do pay any tax, the typical tax payment is only about $5,000. Only 0.5% of total estate taxes is attributable to farm assets. Non-farm family businesses are also only a small part of the estate tax --less than 3% of total assets for estates worth less than $2.5 million." Interesting. Applying to my own situation, the land I bought was for sale to settle an estate; otherwise this land may have stayed in the same family. It was highly unimproved, overgrown, idle, neglected and unproductive. Because of the estate settlement and my purchase, it is now a productive ranch. How many of you own productive ranches that were purchased because of estate settlement? [/QUOTE]
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