Friday, November 23, 2012

Estate Tax Law Change - #4371 - They Are Going to Make it Nearly Impossible to Pass On a Farm or a Business to your Children - Economic Collapse (2) Obama's Southeast Asia Trip All Style, No Substance - Investors.com

They Are Going to Make It Nearly Impossible to Pass on a Farm or a Business to Your Children - Economic Collapse - If you have a farm or a small business, would you like to pass it on to your children when you die? Well, unless Congress does something, it is going to become much, much harder to do that starting next year. Right now, there is a 5 million dollar estate tax exemption and anything above that is taxed at 35 percent. But on January 1st, the exemption will go down to 1 million dollars and the tax rate will go up to 55 percent. A lot of liberals are very excited about this, because they believe that the government will be soaking wealthy people like Warren Buffett and Bill Gates. But the truth is that a lot of farms, ranches and small businesses will be absolutely devastated by this change in the tax law. There are many farmers and ranchers out there today that do not make much money but are sitting on tracts of land that are worth millions of dollars. According to the American Farm Bureau, approximately 97 percent of all farms and ranches in the United States would be subject to the estate tax if the exemption was reduced to just a million dollars. That means that the children of these farmers and ranchers would be faced with a very cruel choice when it is time to inherit these farms and ranches. Either they come up with enough money to pay the government about half of what the farm or ranch is worth, or they sell the farm or ranch that may have been in their family for generations. Needless to say, most farm and ranch families do not have that kind of cash lying around. Most of them are just barely making it from year to year. So this change in the tax law is going to greatly accelerate the death of the family farm in America. This is also going to devastate many family-owned small businesses.  Read more........

Obama's Southeast Asia Trip All Style, No Substance - Investors.com Diplomacy: So amid all the colorful and flirty photos from President Obama's first tour of Southeast Asia, what did he actually accomplish? As usual, he served himself politically in what was largely a Potemkin mission abroad. It was obvious enough from the rubelike gaffes that the president hasn't been particularly interested or attentive to the affairs of Thailand, Burma or Cambodia as he made his first trip since his re-election. It was pretty much all style over substance. In his tour of Burma, billed as an historic first visit since Burma's 2007 move to democracy, it was clear he was in way over his head, even on small things. Obama repeatedly referred to the country's Nobel Peace Prize-winning leader Aung San Suu Kyi as Aung Yan Suu Kyi, an astonishing error given her global fame......On his trip to Cambodia, a country he claimed didn't deserve a visit due to its strongman government, first lady Bun Rany greeted Obama with a traditional "sampeah" pressed-hands greeting reserved for servants, a little dig that was probably lost on him but not to Asians. So what is really Obama's tour about? Apparently a get-out-of-town photo-op all about himself as a means of avoiding pressing problems back home. The Asians deserve better — and so do the Americans.  Read more......

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