In response to:

Liberal Billionaires to Call for More Death Taxes

get real4 Wrote: Dec 10, 2012 4:14 PM
The farm isn't *making* 7 million a year. It is the value of the estate. Thus, the land itself with the crops, livestock, heavy farm equipment, buildings, etc. may be valued at over 7 million. That is what the estate is worth. That doesn't mean they don't have loans to repay for the purchase of the equipment, etc. If someone inherits the farm they will not be able to pay the tax without selling a substantial portion of the farm.

Tomorrow in New York City, prominent liberal billionaires Bill Gates, former Treasury Secretary and co-chairman of Goldman Sachs Robert Rubin, Abigail Disney, Richard Rockerfeller and Vanguard Founder John Bogle will call for a hike in the federal death tax in order to "avert the fiscal cliff austerity bomb." In 2009, President Obama brought back the death tax after President Bush attempted to abolish it.

President Obama's budget keeps the estate tax at its 2009 level, which means the government gets 45 percent of a dead person's estate valued over $3.5 million dollars or $7 million for a...