Now that President Obama doesn’t have to worry about running for re-election he is free to really enact the things he wants to. Not surprisingly that means more taxes! Glenn went off today on radio about one of those second term taxes - the death tax. You’ll never guess how much government wants when you die.
"When we come back from vacation, we'll be living in a new America. ObamaCare begins by the time we come back and also the new death tax. Now the new death tax that will affect over 520,000 family farms, the new death tax now jumps up to 55%," Glenn said.
"Think of this. A family farm can be worth - with the land and the tractors and everything else - can easily be worth a million dollars," he said.
"If you have a decent size farm, you're not a millionaire, you're not a billionaire that they disparage all the time, you're just a farmer, they'll take 55% of everything you have. You can't pass that along to your family. It is absolutely immoral. What makes the government think that they're entitled to more than half of everything you accrued during your lifetime?" Pat added.
FOX News reported:
Rancher Kevin Kester works dawn to dusk, drives a 12-year-old pick-up truck and earns less than a typical bureaucrat in Washington D.C., yet the federal government considers him rich enough to pay the estate tax -- also known as the "death tax."
And with that tax set to soar at the beginning of 2013 without some kind of intervention from Congress, farmers and ranchers like Kester are waiting anxiously.
Two decades ago, Kester paid the IRS $2 million when he inherited a 22,000-acre cattle ranch from his grandfather. Come January, the tax burden on his children will be more than $13 million.
"If you're in a decent tax bracket, you're already taking 50% of my income, between state and local and federal taxes, over 50%. And all the sales taxes and everything else. So I've worked my whole life and you have you taken 50% of what I have earned already," Glenn explained. " And they take 50% more."
He continued, "The farms are one thing. You've also got stuff like ‑‑ you know, you own a few, you know, family pizza restaurants in a town. Well, you have these expensive ovens, you have all this real estate that you probably own. That doesn't mean you're making an entire gigantic salary. That doesn't mean you're so profitable at these restaurants that you're driving around Lamborghinis. But this equipment is there and you're going to lose half of this stuff because you pass away. And the other thing is it encourages people to, if you are a rich person, it encourages you to either avoid taxes at all costs and push things outside of the country or push things in weird investments and trusts; or it pushes you to spend it instead of save it. Like you're encouraging irresponsible behavior. Like, if I go out and buy a yacht for no reason or I go lease, you know, a ridiculous apartment for the rest of my life that costs ten times what I should rent, I mean, then I'm not punished at all by this tax. I get to just enjoy those things and if it goes down the drain and everybody's happy? "
Glenn further explained that because of the uncertain economy, he can't invest as much of his personal savings into his business because he needs to be prepared for uncertain economic trouble that might be coming.
"Now because I don't trust the economy, I have only spent half of what I could. So I've pulled out of the economy and I've been much more cautious because I don't trust what they're going to do. I don't know what it's going to do for us for ObamaCare and everything else," he said.
"Who do you think you are to take 50% of everything that I have done in my life? 55%, and take it from my children? How dare you."