A Quote by Doc Hastings
In six short years, small business owners and family farmers will once again be assessed a tax on the value of their property at the time of their death, despite having paid taxes throughout their lifetime.
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Eliminating the death tax is particularly important for the many small business owners and family farmers that call Central Washington home.
With the permanent elimination of this tax, farmers and business owners will have the sense of security they need to plan for the financial future of their business or farm and their family.
A community of small farmers... land property owners, will be the only assurance that the freedom our republic offers will be guaranteed to each and every citizen.
Many small business owners want to pass their family legacy on to their kids and grandkids, but they are turned over to vulture funds because the family may be asset rich but lacks the cash to pay the estate taxes. I have met people who literally sold the farm to pay the taxes.
The Value-Added Tax, a sales tax that applies at every level of business transactions, is an easy tax for governments to collect, and a hard tax to evade. So it makes the job of raising revenue easier. The revenues from the VAT can then be used to lower taxes on income and saving and investment. The Value-Added tax doesn't penalize work or saving; it's a tax on buying stuff.
The death tax causes one-third of all family-owned small businesses to liquidate after the death of the owner. It is also an unfair tax because the assets have already been taxed once at their income level.
Let me respond with a few points, the first being that all immigrants pay taxes, income taxes, property taxes, sales taxes, gasoline taxes, cigarette taxes, every tax when they make a purchase.
Between income taxes and employment taxes, capital gains taxes, estate taxes, corporate taxes, property taxes, Social Security taxes, we're being taxed to death.
Texas has no income tax, which is a big draw for corporate executives who do business there. But it's hardly tax-free. The property taxes are high for a Southern state. The sales taxes are high. One study found that the bottom 20 percent of the Texas population pays 12 percent of its income in state and local taxes.
The share of income that small business people are paying in taxes is the lowest it has been in 65 years - since Obama has cut taxes 18 or 22 times for small business.
Small family farmers are the only things that can save us because they take care of the land. Future farmers of America are going to be our heroes. Same with biodiesel, either way we need small family saustainable and organic farmers.
It is hard to be enthusiastic about the economy's prospects when house prices are falling: Households spend less, small business owners can't use homes as collateral for loans and local governments are forced to cut jobs and programs as property-tax revenue disappears.
Taxes are paid in the sweat of every man who labors. If those taxes are excessive, they are reflected in idle factories, in tax-sold farms, and in hordes of hungry people, tramping the streets and seeking jobs in vain. Our workers may never see a tax bill, but they pay. They pay in deductions from wages, in increased cost of what they buy, or - as now - in broad unemployment throughout the land.
The value of land must, in the future, be assessed on its yield of potable water. Those property-owners with a constant source of pure water already have an economically-valuable "product" from their land, and need look no further for a source of income.
I hope that the Senate acts quickly to pass this legislation so that Americans will no longer worry about having to sell the family farm or business to pay taxes after the death of a loved one.
We already have an annual wealth tax on homes, the major asset of the middle class. It's called the property tax. Why not a small annual tax on the value of stocks and bonds, the major assets of the wealthy?
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