Democrats are going to restore the death tax, in the name of wealth redistribution and so-called social justice.
The federal estate tax is scheduled to return with a vengeance on Jan. 1, 2011, imposing a levy of up to 55% on estates valued at more than $1 million. And the same congressional paralysis that allowed the tax to expire in 2010 could thwart efforts to pare it back, estate planning attorneys say.
Farmers sometimes like to vote for the Democrats, who they see as more likely to provide crop subsidies. Others care more about the right to keep and bear arms or other issues.
But the issue of the death tax cuts to the heart of every farmer. Why do you do this thing, working in the wind and rain and blazing sun? You do it to pass on the life of the farm to your kids and grandkids. You don’t do it so that your kids will have to sell the farm when you pass it on to them, just to pay the taxes.
If Democrats are elected, farmers who bequeath their farms to their kids may as well just sell the thing to the highest bidder. Because the government is going to take 55% of it.