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Tag: HR 4853

Whats your farm worth?

By JGillman, Section News
Posted on Thu Dec 16, 2010 at 11:42:05 PM EST
Tags: Republicans Deemocrats, Congress, Farms, Estate Taxes, dave Camp, Sander Levin, HR 4853 (all tags)

If you have a family farm and land capable of making food to sell, it probably occupies enough space and has value worth more than $3,500,000. It may not seem like it, but that is not hard to reach even with property values where they are.

Michigan farm families, short of some performing some creative family planning, barely escaped an amendment tonight that would have required the sale of the stead for payment of taxes when a principle owner dies.

The Pomeroy amendment proposed by Sander Levin FAILED with bipartisan support tonight. It would have made a 45% tax rate for estates over 3.5 million. This amendment was to be added to the Senate passed bill negotiated by the president. It failed to pass with a vote of 233-194.

It ALMOST passed as a voice addition.

FYI.. Not a single Republican voted for it.

How can the Democrats claim to represent the middle class when they would creat such a tax that takes from ALREADY TAXED value and keeps middle class families from being able to pass to their heirs.

Mind boggling.

Update [2010-12-16 23:59:57 by JGillman]: the tax bill HR 4853 passed at Midnight meaning 2 more years of same tax rates. Not perfect, but ...

Vote tally at the end 277 yea 148 nay

(4 comments) Comments >>