[SES1066]

This may START with inheritance but once established it will grow. AND remember, this is for on-going spending, not lowering the debt or deficit! Oh, it is also needed to offset SaLT which will return, fully deductible!

Another thing that is very likely to go away is the current Gift/Estate allowance of $11.58 million since that was Evil Orange Man. Reverts (probably) to $5 million. Who gets hurt(?), small business and family farms that cannot afford the tax burden and will have to sell. Who gains? Big Corps that are already ‘D’ donors, acquisition costs are tax-advantaged!

[Alberta's Child]

Farms can already be exempted from estate taxes. That was written into the law years ago. There's only one important condition for that exemption, though: b>In order to qualify for the exemption you have to keep operating the property as a farm.

So if you ever hear someone complain that "we have to sell the farm that's been in the family for generations, in order to pay the estate taxes," what they're not telling you is that they belong to first generation of the family that has no interest in farming.

I hear this crap all the time from people in their 40s and 50s who are doctors, lawyers, corporate executives, etc. -- and they go through this "poor old farm family" nonsense to garner sympathy because they don't want to do what it takes to qualify for a major tax exemption.

[taildragger]

Yes....