Biden's Capital Gains Tax a Scheme To Take over Farms from People.

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Biden aimed the tax increases at the investor class. “We’re going to reward work, not just wealth,” he said in a speech to Congress. The White House said it would end the stepped-up basis on gains that exceed $1 million. “The reform will be designed with protections so that family-owned businesses and farms will not have to pay tax when given to heirs who continue to run the business.” The USDA said 98% of farm estates “will not owe any tax at transfer, assuming the farm stays in the family.” For the remaining 2%, tax liability would be linked to non-farm assets.

The largest U.S. farm group was skeptical that Biden’s promised shield could be fashioned into the tax code in a useful form. And it said one-third of U.S. farms have assets that would trigger the “new capital gains tax on death.” The American Farm Bureau Federation wants the stepped-up basis to remain as it is. The tax break reduces the tax burden if property is sold after it is inherited and reduces the chance of estate tax liability.
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Farmers worried by possible new capital gains, estate tax liability

First of all, notice how the fascists claim that 98% of farm states will not owe any taxes... So that when they, the fascist dictatorship of Biden, do implement this they can claim "those farms are part of the 2% that we do have to tax..."

Joe Biden wants to resurrect the "Capital Gains Tax" that Carter implemented and helped in getting Carter out of power because through the Capital Gains Tax farms were being repossessed by the U.S. government and now China Biden wants to implement this scheme once again.

According to the "Capital Gains Tax" any property that is worth more than 1 million U.S.D. and is inherited by family members will be taxed almost 40% (exactly 39.6%)of the value of the property. What this means is that mostly farms, and other businesses, worth more than 1 million will be taxed almost half of it's value.

This means either those inheriting a property, such as a farm, that is worth more than 1 million will have to pay the Biden dictatorship, I mean government, $396,000 U.S.D. Most people will not be able to do this and instead those properties will be owned by the Biden dictatorship, I mean government...

When Carter implemented this same "Capital Gains Tax" it was rejected by a majority of Americans and led to the government confiscating several farms because their owners could not pay the taxes.

And the worst part is that China Biden is almost doubling the tax that Carter implemented...

Grover Norquist: Biden Wants Return to Tax Policy Rejected Decades Ago

a reply to: ElectricUniverse


Exactly like Lenin and [insert name of any socialist leader in history]

Just less murdering.




(Where have I heard that before)

a reply to: ElectricUniverse
Kissinger’s promise: control the food control the people.

As a child of generations of farmers and a former permaculture farmer myself, this is disturbing, given the cost of real estate today 1,000,000$ is a modest farm and it’s not a liquid value in the least!

This is robbery and keeps farming in the hands of government, or corporations. My plans for purchasing land for a new farm are in jeopardy with this fascist government.

Did we learn nothing from Farm-Aid?

originally posted by: abe froman
Did we learn nothing from Farm-Aid?

Not democrats.

The whole point of our current monetary system is to steal land.

Before the federal reserve act, most people lived on land that they, or their family, owned.

Now, most people live on land the bank owns.
If they don't, when it gets sold, it will require a loan for the buyer to purchase- handing ownership over to the bank.

The federal reserve act was a scam to steal everything from everyone, and it worked.
Going off the gold standard was part of the scam.

My only concern is that this was a hundred year plan- they already owned everything from everyone in 2013... so either the plan worked and they never came up with a phase two, or they did come up with a phase two and are executing it now.

No one should be getting special tax breaks for running any type of business, doing so is the essence of socialism.

If anyone has ever dealt with farmers, the sky is always falling with them, their brick homes, and their brand new pick em’ up trucks. Keep them subsidies rolling!

Many people claim that the Republican Party is beholden to the companies and corporations. They have it exactly WRONG. Who do you think is going to buy the farms that can't afford the taxes? Companies and corporations. A comment was made about banks owning land instead of people. Who do banks donate to politically? DEMOCRATS. Wake up and smell the sh*t the Democrats are shoveling.

originally posted by: JIMC5499
Who do banks donate to politically? DEMOCRATS. Wake up and smell the sh*t the Democrats are shoveling.

LOL. Sure. They all give to both parties since they need both parties to get favorable legislation passed.

For example, take a look at Bank of America's political donations, they are clearly giving to both Democrat and Republican PAC's in quantity.

Well. me being from the UK and not knowing American law let me run this by you to show wrong or might.
Family owned and run farms, why not record the farm as a corporation, therefore all family members would be employees not singular owners. So when the "owner" dies he's just an employee and the "corporation" goes on.
In corporations if the CEO dies do they have to pay death tax?

a reply to: crayzeed

What do you do with the deceased person's shares?

originally posted by: AugustusMasonicus

No one should be getting special tax breaks for running any type of business, doing so is the essence of socialism.

Progressive taxes, which tax massively small to medium businesses, is one of the policies of socialism... Helping businesses get around those "progressive taxes" is avoiding those socialist policies... Otherwise the only people whom would have businesses are multi-millionaires/only rich people...

If we followed your line of reasoning, lending money to someone equals to socialism...

If we followed your line of reasoning, giving to charity while getting nothing in return is socialism...

originally posted by: AugustusMasonicus

No one should be getting special tax breaks for running any type of business, doing so is the essence of socialism.

Ahem...

No one should be getting special taxes imposed for running any type of business, doing so is the essence of fascism.

originally posted by: tanstaafl
No one should be getting special taxes imposed for running any type of business, doing so is the essence of fascism.

Taking money from one group to give to another is socialistic, fascism takes it from all for all.

originally posted by: AugustusMasonicus

Taking money from one group to give to another is socialistic, fascism takes it from all for all.

That's the same as communism and socialism. Socialism also claims to take money, in the form of high taxes, for the good of all."

originally posted by: ElectricUniverse
That's the same as communism and socialism. Socialism also claims to take money, in the form of high taxes, for the good of all."

It isn't the same, that's why there are different names for the economic models.

a reply to: ElectricUniverse

I'd just sell the property and leave the country at that point. Go somewhere, buy a place on the beach and forget about the crazy political issues in the US.

There was a great episode of Little House on the Prairie titled Centennial in which the county tax assessor raised all the taxes in the county ahead of the July 4, 1876 Centennial to pay for a township road and other things. As everyone was outside the schoolhouse to have individual meeting with the assistant assessor (because the elected official couldn’t be bothered with Walnut Grove) there was a joke about how next they would tax income. Wouldn’t happen in a hundred years was the punchline. Odd because there had been an income tax during the Civil War that was later declared unconstitutional when it didn’t end. But Little House isn’t a documentary and history gets skewed here and there.

Any way the big point of the episode was that the Russian family that had bought a farm owed 7 years back taxes instead of just the year they owned it. Forcing them to sell the land. But he still has faith in America because unlike other countries you can have a setback and lose all your money but still be able to start over with free land in South Dakota.

Life imitating art? You bet. Only this isn’t America, the land of opportunity anymore. And hasn’t been for decades. Thanks Joe.

a reply to: AugustusMasonicus

Oppress a people by monarchy under feudalism. Or government owned communism. Or corporate owned fascism. Or an over burdened collective socialism. Or the progressive socialist democracy...

A rhubarb by any other name tastes just as sour.