- FrontPage Magazine - http://www.frontpagemag.com -
New Tax to Allow Obama to Seize Half of 25 Percent of American Farms
Posted By Daniel Greenfield On December 13, 2012 @ 5:30 pm In The Point | 16 Comments
In completely unrelated news.
Between September and December 1929, collectivization increased from 7.4% to 15%, but in the first two months of 1930, 11 million households joined collectivized farms, pushing the total to nearly 60% almost overnight.
In more completely unrelated news
A Venezuelan farmer who went on a hunger strike over the occupation of his land by neighboring farmers with the support of the government died Monday night, the government and his family said Tuesday.
Franklin Brito, 49, was a farmer in the southern Venezuelan state of Bolivar. He said his land was taken over with the blessing of President Hugo Chavez’s land reform agency in 2000. For a decade, he appealed and protested with a number of hunger strikes in an effort to get his land back.
In the news of the day, in the fabled land of Itcanthappenhere…
New legislation that jumps the death tax to 55 percent of estates exceeding $1 million threatens 526,421 family farms, of about 25 percent of all farms in America, according to a Senate analysis.
This summer, Majority Leader Harry Reid and Senate Democrats passed legislation (S.3412) on a party-line vote that allows Washington to take up to 55 percent, a huge increase over today’s top rate of 35 percent, and drop the tax’s exemption from $5.1 million to $1 million. The lower exemption — combined with soaring farm real estate values — could put more than 420,000 additional farm estates at risk from the death tax.
Farm values are largely tied up in non-liquid assets like land, buildings, and livestock. Many farm and ranch families would be forced to sell their assets to satisfy Washington Democrats’ insatiable appetite for tax money. Up to 24 percent of America’s farm and ranch families could be forced to hand over a large chunk of their heritage to the Internal Revenue Service when a family member dies. This would economically devastate rural communities.
Here are a few Russian words that you might want to consider learning. Kulak. Kolhoz. Gulag.
Michael Savage meanwhile has his own thoughts on who would profit from this arrangement.
Article printed from FrontPage Magazine: http://www.frontpagemag.com
URL to article: http://www.frontpagemag.com/2012/dgreenfield/new-tax-to-allow-obama-to-seize-half-of-25-percent-of-american-farms/
Copyright © 2009 FrontPage Magazine. All rights reserved.