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Politics : PRESIDENT GEORGE W. BUSH -- Ignore unavailable to you. Want to Upgrade?

To: Mac Con Ulaidh who wrote (148413)	5/24/2001 2:35:46 PM
From: Ish	Read Replies (2) \| Respond to of 769670

Back in those days there was very little that was exempted on estate taxes. I believe the rate was around 40%. It was a federal tax but the state jumped in and got it. The rule was if the state didn't have the tax then the feds got it. The estate tax hammers the farmers here. When my mother died I got hit for over $100k to keep the farm that had been in my family for over 100 years. You take a farmer who owns 2,000 acres valued @ $4,000 per acre. That makes $8,000,000 plus another say $325,000 in equipment and bins. $8,325,000. Now the first $1,325,000 is exempt so that leaves $7,000,000 @ 39% or a tax of $2,730,000 that the heir has to pay to take over the business. If he gets a 9% loan just the interest would cost $245,700 per year.