Posted on 01/05/2025 7:56:13 AM PST by RandFan
A desperate farmer has perfectly summed up why Labour's proposed inheritance tax changes are completely misguided.
The potent rebuttal comes as rebel farmers threaten to blockade supermarket ports as soon as mid-January in response to Chancellor Rachel Reeves' decision to impose a 20 per cent inheritance tax on farmers' assets valued over £1million, which hitherto enjoyed tax breaks designed to facilitate the transfer of family farms across generations.
In an exclusive interview with GB News, Nick Tarry from Northamptonshire broke down the economics of his business, busting a common myth in the process.
He said: "People on the outside looking in see farmers with, say, 10 or 12,000 acres of land - that's millions per farm - and conclude that we're very wealthy. But the truth is, we're asset-rich but cash-poor. We need those assets to continue our business.
"The price has gone up and up and up since my granddad bought this farm. But that's sort of irrelevant The value of the assets is never realised because we need to maintain them to just carry on the business and our farming practice."
Many farmers like Tarry are asset-rich, but cash-poor, meaning they hold valuable land but lack liquid assets to cover high inheritance taxes.
(Excerpt) Read more at msn.com ...
It's impossible
Direct action is potentially a good idea.
The leftists have used ‘direct action’ to good effect. It’s time to use it against them.
Leftists are not misguided.
They are evil.
That is why you cannot reason with them.
Orwell explained it best:
“The Party seeks power entirely for its own sake. We are not interested in the good of others; we are interested solely in power. Not wealth or luxury or long life or happiness: only power, pure power. We know that no one ever seizes power with the intention of relinquishing it. Power is not a means, it is an end. The object of persecution is persecution. The object of torture is torture. The object of power is power.”
Over time, since many inheritors won’t have the cash to pay the tax, they’ll sell the farm. The transfer of ownership may see farmland under the plow decrease with less food produced and higher prices for the food that’s left.
Bureaucrats are not deep thinkers. Once they see new dollar (pound) signs, mental acuity goes out the window.
Starmer and labour doesn’t care. They want you off the land so some billionaire can have it.
We have lived in a farming community most of our lives.
A distant relative of ours just bought a new John Deere combine and paid a million dollars for it. They are not wealthy by elitist standards. They have a very nice home and vehicles. But they work their rear ends off.
The property we now live on was purchased from a farmer. Selling this land enhanced his retirement fund.
Our closest neighbor is a millionaire based on land values, yet they live very middle class.
My point is, I’m backing up this Brit farmer’s claims.
Another aspect is these local farmers being millionaires based on assets are very friendly common acting people. This is the exact opposite of the elitist a$$holes worth millions themselves trying to take their money away and grift their share from it.
Communist wealth redistribution is supposedly the way to rob the rich and give to the poor. Where in fact it robs anyone with money and gives it to the elites while giving just enough to the poor to buy votes.
The left wants farms to be run by those with experience and success. After all, everyone looks up to Communist successes in Ukraine during the 1930s. The prime rule of all multiverses is: “When the left touches it, it turns to s**t.”
Don’t forget Zimbabwe and what happened there
A more recent example of the madness
I think they know what they are doing. They are helping big ag corps acquire the land cheap.
Just like the EV mandates purport to be instituted to save the environment from a nonexistent threat but are also intended to force more lower and middle class people to public transit and limit mobility.
SOS, different day but same social engineering by our self appointed, self anointed betters.
Exactly. Facilitate the transfer of assets to the corporate bidder. Can’t have these prols with assets!
New law was passed to benefit oligarchs and organization that have cash in hand to buy these farms for the price of unpaid taxes. It’s a common tactic used here in the US.
If the UK allows formation of family trusts, the farmers could put the assets into a trust and avoid inheritance altogether. This could have downsides for some, help others.
Starmer’s intent is obviously to destroy private property.
Bingo. The land is scarce. Big money wants it...and who cares about food for the masses? Not them.
It’s not just that they are stupid (which they are when it comes to economics) but the fact that they are damn proud of the fact that they are stupid. They like it that way. We’re seeing the same thing here with the talk of “Wealth Taxes”. They can’t even comprehend the destruction and chaos such a tax would cause.
The largest part of the reason why the asset value of farms in the UK (or anywhere else in the first world, for that matter) have increased so much over the decades is because of inflation caused by the government spending so much money and it does not have, causing the central bank to create “money“ out of thin air,. Taxing this nonexistent increase in the real value of the property is a cruel joke on the people of the UK (and other countries, where it occurs). The same would go for any other real estate, and even investments in stocks mutual funds, gold, artwork, collectibles, etc. At least in the United States there is some modest adjustment for inflation, though it is wholly insufficient to account for the true inflation caused by our central bank.
The biggest argument against taxing the value of any asset is that most of the nominal price of that asset has been caused by government fiscal mismanagement. The government should not be rewarded, and most, especially the owners of those assets should not be penalized, because of such mismanagement (including a vast amount of outright corruption).
I wonder how much winning a seat in Parliament is worth? I mean, after all the bribes, graft, book deals, TV appearances and stock market insider trades?
Start taxing them for it!
Starmer should be dismantled.
first choice is get rid of inheritance taxes
second choice is dont move basis to market value
beneficiary retains original basis until property is sold
then the tax is paid
They want a stranglehold on food and energy...PERIOD
When that happens, it’s over
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