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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: Brumar89 who wrote (596016)	12/20/2010 8:56:03 PM
From: Wharf Rat	Read Replies (2) \| Respond to of 1574662

So we agree rich people like to buy land and call themselves gentlepeople farmers. (The Crawford Ranch, even). TPC estimates that 14,900 individuals dying in 2009 will leave estates large enough to require filing an estate tax return (gross estates under $3.5 million need not file a return in 2009). After allowing for deductions and credits, 5,500 estates will owe tax. Three-quarters of these taxable estates will come from the top ten percent of income earners and over one-third will come from the top one percent (see table). ¤ Estate tax liability will total $13.8 billion in 2009. The top ten percent of income earners will pay 94 percent of this total. The richest 1 in 1,000 will pay $5.8 billion or 42 percent of the total. ¤ Only 100 small farms and businesses - estates with farm and business assets making up at least half of gross estate and totaling $5 million or less - will pay any estate tax in 2009. Such estates will represent just 1.9 percent of all taxable estate tax returns. ¤ TPC estimates that small farms and businesses will pay $110 million in estate tax in 2009, less than 1 percent of the total revenue the tax will collect teachers.net == Second, an unlimited exemption for farmland would promote tax sheltering by giving wealthy individuals whose primary occupation is not farming a strong incentive to sell financial assets and buy up large tracts of farmland in order to avoid paying the tax. In examining an earlier proposal to exempt farmland, the Tax Policy Center concluded that such an exemption “would make the estate tax essentially voluntary for the very wealthy,” because of the large tax shelter that it would create. cbpp.org