Comments on: Estate Tax May Take Family Farms

By: Revenue Laws Committee Punts on Death Tax, Recommends More Unemployment - Civitas Review Online

Thu, 03 May 2012 15:57:19 +0000

[...] Among those issues discussed by the committee but not included in the report is any changes to the state’s death tax. Committee leaders decided to wait and see what happens at the federal level with the death tax, [...]

By: More States Killing Their Death Tax; Is NC Next? - Civitas Review Online

More States Killing Their Death Tax; Is NC Next? - Civitas Review Online — Tue, 10 Apr 2012 18:15:19 +0000

[...] Carolina’s Revenue Laws Committee recently discussed drafted legislation to end the state’s death tax. There’s no legitimate reason to keep [...]

By: Glen Bradley

Glen Bradley — Fri, 16 Mar 2012 14:49:33 +0000

Interestingly enough, the Interim Committee on Agricultural Regulation co-chaired by your humble correspondent has been putting together a bill to eliminate the estate tax on bona fide farms for the last three months. Hope this message finds you well!

By: Emory Liggett

Emory Liggett — Fri, 16 Mar 2012 12:40:07 +0000

The next time, if there is a next time should we survive Obama as free citizens of a free country, we should ask the question exactly what does he mean by hope and change? I took an oath to defend my country from enemies foreign and domestic, I’ve been fighting communists all my life. Now I’m sick to death that my own countries government is the communist enemy. Is it time to call up the constitutionaly described militia, to defend America against a domestic enemy, our own government. Is anything about this over taxation burden on the death tax, any different than what the revolutionary patriots, fought a war to free us from, an oppressive government any different. Remember the founding fathers didn’t believe in any tax on the American people. That is the true foundation that built the greatest nation on earth.

By: Ben Perry, Jr.

Ben Perry, Jr. — Wed, 14 Mar 2012 13:30:24 +0000

Mom passed away in 2005. At that time her estate value was less than the federal exemptions. However, it was not so on the state exemptions. Her estate owed about $27,000 to the State of North Carolina with nothing owed to the IRS. If it had not been for the then temporary exemptions her estate would have owed a total of $1,145,000 in death taxes. At her death, she had less than $1,000 in cash. In order to get that much money the farm would have to be sold. If property values and tax values were the same, and a ready and willing buyer could have been found, there may have been some money left over for her estate. Of course, there would have been a capital gains tax to pay on the sale. Since she and Dad only paid $8000.00 for the farm in 1948, the estate would have owed another 15% in capital gains on any amount received over that initial cost. To satisfy the tax man, the total pay out would have been over $1,500,000. Not only do the death tax rates need to be eliminated, but the capitol gains tax needs to eliminated in such cases.

Today’s real property value for her farm would be far less than the established tax value for it. It is highly probable, in today’s market, that a sale of Mom’s estate would not realize enough cash to pay the tax man if the current exemptions do not remain in place. I miss my Mom very much and wish she were still here. However, I’m grateful she didn’t have to live to see all she and Dad worked for stolen by an over burdensome tax code.

By: jon

jon — Wed, 14 Mar 2012 11:48:46 +0000

The larger question is why the government has any claim to a person’s money because he/she passes away.

By: N&O Editors Cheer on State Grave-Robbers - Civitas Review Online

N&O Editors Cheer on State Grave-Robbers - Civitas Review Online — Fri, 09 Mar 2012 15:57:51 +0000

[...] on those inheritors? Because the N&O editors say so, that’s why. Try telling that to these real people who fear the estate tax may cause them to lose their family farm. And that money is a [...]

By: NC Dem legislator cites Karl Marx in opposing repeal of death tax | The Daily Haymaker: Common Sense Conservative Commentary on Business, Government, Economics, Politics, Culture and Other Aspects of Life in North Carolina and South Carolina

Thu, 08 Mar 2012 16:18:35 +0000

[...] at the close of my presentation, I played this video (prepared by my colleague Matt Willoughby) which tells the story of two families that own farms [...]

By: Rep. Luebke Dismisses Plight of N.C. Farmers - Civitas Review Online

Rep. Luebke Dismisses Plight of N.C. Farmers - Civitas Review Online — Wed, 07 Mar 2012 21:05:30 +0000

[...] at the close of my presentation, I played this video (prepared by my colleague Matt Willoughby) which tells the story of two families that own farms and [...]