Friday, January 26, 2024

In the #News #Taxes

“If you don't read the newspaper, you're uninformed. If you read the newspaper, you're misinformed.”

“Whenever you find yourself on the side of the majority, it is time to reform (or pause and reflect).”

― Mark Twain

Subscriber Comments

The Estate Tax, introduced in 1916, was an attempt to increase tax revenues. Some states have compounded the problem by adding their own version of it.

China has been buying farmland as means of diversifying their assets. The Estate or Death Tax forces liquidation, and plays into the hands of wealthy Chinese.

Feenstra comments which can be applied to all assets held by mom-and-pop business that dominate the US labor force describe it best,

By fully eliminating the death tax, we can keep China away from our farmland, allow family farms and small businesses to succeed, and encourage the next generation of Iowa farmers and business owners to plant their roots in rural Iowa, support our main streets, and contribute to our economy. Serving on both the House Agriculture Committee and the House Ways and Means Committee, I will continue to be a strong voice for Iowa farmers and small businesses who deserve lower taxes and peace of mind.

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It's going to get ugly after 2024.

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