Re: Paying for Katrina


suds mcduff wrote:

<snip>
> Estate taxes
> don't kick in till then.

As I understand it the dad had five kids so back in the 70s he bought
five acres of land in the outskirts of a small town. He built a house
on one and figured when he was gone each kid would get an acre. The
things he didn't plan for were Uncle Sam, the urban sprawl and the
skyrocketing real estate market. When the dad died the family noticed
that when their mom dies too they will be forced to sell. They have no
other way to raise the money it would take to pay the tax. Now of
course they will get something but the kids wanted to stay on that
land.

This is where Hal would say 'poor little rich kids' because he thinks
all the money should be taken away from families that prepare for the
future and given to families that only have kids so they will get more
welfare.

> It is a sad
> > day for this country if you can't even pass your home or a small farm
> > on to your kids because the Government wants too big of a share.
>
> On April 8, 2001, the New York Times reported that the pro-repeal
> American Farm Bureau Federation could not cite a single case of a family
> farm lost due to the estate tax.


This hasn't happened yet. It still may not - I don't know maybe they
found a good lawyer. I'll have to ask. Maybe the tax code will change
or pigs will fly. Who knows?


> Furthermore, only 3 of every 10,000
> people who die leave a taxable estate in which a farm forms the majority
> of the estate. Like businesses, family farms can be protected by raising
> exemption levels.


Which will never happen if Hal gets his way because anyone who
benefitted from the Bush tax cut is ultra rich in his book. The
exemption levels have not kept pace with the crazy California real
estate market. I don't see that changing any time soon.

.

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