, , , , , , , , , , , , , , , , , , , ,

Apparently there are some new taxes headed our way if Congress refuses to act. It is labeled an estate tax on what you pass on to your children and other relatives. There are several articles on the web and several Bills before Congress. This article spells out the current problem. The current estate tax is going to jump on January 1st of this year to include a taxing of estates on anything more than 1 million dollars in assets. The law that is retiring taxes assets above 5 million at 35%; the new one will raise the tax to 55% while lowing the threshold to 1 million dollars.
In reality it won’t hurt the super wealthy, but will affect farm and ranch lands, which can easily exceed 1 million in value. Farmers and ranchers are just squeaking by in this economy. What is looks like and smells like is Agenda 21, designed to clear the lands of people for nature to inhabit. If you can’t pay the tax upon the death of the owner, the government will be glad to accept title and pass it on to the United Nations under Agenda 21. (Solutions will follow.)
It is a win – win for the liberals, who can’t seem to fathom that it won’t affect the wealthy. In their zeal for class warfare, the liberals can’t see their nose in front of their face.

How is that possible that it won’t affect the wealthy?

The elites have taken their money and assets and placed them in trusts and foundations, many of which are overseas; all protected from laws in the United States. As inflation takes hold in the coming years a million won’t equal a great deal of money anymore. Remember the German Weimar Republic when a million marks, might buy a loaf of bread. At some point fiat currency always turns to inflation and always goes down in value; meaning it takes more to buy the same products.

A lot of the Bills in Congress want to correct the estate tax, while some want to adding a federal sales tax. In this Bill, H.R. 16 It is titled Sensible Estate Tax Relief Act of 2012 . Here they are preventing the retiring the Economic Growth and Tax Relief Reconciliation Act of 2001 from increases at the above high level, they are still increasing them some, but this Bill will only last another year as it is written. Meaning Congress will have to write another Bill in one year to prevent the high estate tax from continuing on again. With the Bill causing this drastic increase originating in 2001, you would expect them to have the foresight to extend this Bill beyond 1 year. This Bill has 14 Cosponsors.

Next in the line up is H.R. 25 This Bill, titled Fair Tax Act of 2011 would eliminate income tax, payroll taxes, estate taxes and gift taxes; but would include a Sales tax and not a VAT. It is extremely vague, how much tax seems to be missing. It has 70 Cosponsors.

H.R. 86 by Representative Bachmann, titled End Tax Uncertainty Act of 2011 at least repeals the Economic Growth and Tax Relief Reconciliation Act of 2001 ending the jump in estate taxes for good. It also reduces income tax for corporations by 25%. It will also eliminate the minimum income tax rate for individuals and is only 3 pages in length. This Bill has 6 Cosponsors

H.R. 143, sponsored by Representative Latta, titled Permanently Repeal the Estate Tax Act of 2011, which is exactly what it would do and is one page in length. It has 33 Cosponsors.

The next one with 68 Cosponsors is H.R. 177, titled Death Tax Repeal Act . It also consists of 1 page and eliminates the estate tax.

Next is H.R. 1259 and it has 222 Cosponsors. It is titled Death Tax Repeal Permanency Act of 2011. It will also eliminate the estate tax, but only modifies the gift tax and includes a table for the gift tax ranging from 20% to 35%. The gift tax seems to also include Trusts.

H.R. 3400, titled Jobs Through Growth Act would also eliminate the estate tax while at the same time reduce corporate income tax by 25%. It would also help corporations in hiring by reducing regulations for those corporations that do hire and allow leases for drilling of oil along the coastal plain. It has 59 Cosponsors and has a great deal of related Bills, 10 in the House and 6 in the Senate.

Here are two Bills, opposite in nature, one to save the family farm H.R. 390 titled Family Farm Preservation and Conservation Estate Act and would save active farms from the estate tax. It has 3 Cosponsors. There are two similar Bills with a total of 2 Cosponsors
Here is the opposite titled Keep the Forest in the Family Estate Tax Act of 2012 , H.R. 6439 and would save forest lands from the estate tax if they harvest trees on that land in compliance with ‘Forest Management Plan’. It would also increase the IRS Code from $75,000 to $5,000,000 for the Fair Market Value. Nothing appears on the face of this Bill as to the acreage involved, that must be waiting for the Report that will be filed within 180 by the Internal Revenue Service and the U.S. Foresty Service Chief to see if the land even qualifies. This Bill has 22 Cosponsors.

If the amount of Cosponsors will determine which Bill goes forward, then it will be H.R. 1259. This is the one that increases the Gift Tax and the tax on Trusts. Or the other Bill, that the corporations are in favor of is H.R. 3400. This one has lots of related Bills in both Houses. One or the other of these two will probably pass.  My guess is H.R. 3400, because Congress  continues to rule in favor of corporations.

Will the original article from Economic Collapse Blog come true or not or are they fear mongering? It appears Congress is working on a solution, but whether this has anything to do with this article on The Transformation is Happening is a matter of opinion.  Once government breaks free of its chains, set by the Constitution, it is just a matter of time for it to become more and more tyrannical in nature.

If Congress refuses to act and stop the estate tax, the option is to Quit Claim the property to your children before your death. I have seen cases of this in the past, where the land was Quit Claimed long before the owners died.