This is not new news at all. Every time the higher exemption expires it goes back to $1,000,000. What sticks in my craw is this farm land that is worth the mega-millions just because of the rise in farm land value is a TOOL the family farmer uses to make a living. It's merely a TOOL as long as the heirs keep it and farm it for a living. It is not a multi-million dollar check handed to the heirs. It's a TOOL the owners have to pay property tax on and it's a TOOL the owners have to spend money on to maintain. It is not CASH!!! Why should we pay 55% tax on the TOOL the family is using to make a living? Why should we be forced to sell some of our income earning TOOL to pay the 55% the GVT thinks we owe because we inherited a means of living that we will continue to use as a means of living? Why should should we spend some of our income on tax attornies to slap uncle sam's hand away from our pockets like protecting ourselves from a pick pocket looking for an opportunity. Most of our fathers and forefathers had to scrape like crazy just to make the payments on their newly purchased land. By the time it was paid for they didn't have enough time in their lives to put away much for savings so this large estate they leave, that has increased in value many times is land only, not cash. Why should we have to form LLC's and trusts to protect ourselves from our government's need to fund it's lavish ways? Do you know what it feels like to watch someone own and farm land your dad worked his hands to the bone to pay for? Land that was lost in order to pay the 55% estate tax? My sis and I haven't had to go through that YET but it's looming on the horizon.
If the land heirs are greedy and just want to cash in on their newely inherited wealth that they did nothing to earn or help to earn then let them pay the 55%. Jim