The Estate Tax-<\/b>\u00a0Kamala Harris wants to push our estate tax to the highest in the world to heavily tax the rich.\u00a0 That sounds good. Some States also have estate taxes of their own. They say those who oppose it are rich and are trying to get rid of it. Such rhetoric stems from a basic misunderstanding of what it is. The estate tax is a tax on the estate of someone who dies. The assumption is that only the rich pay the tax. However, those who have a large business generally are not affected by the estate tax because they usually incorporate the business and include their children in the business. As a result, the children don\u2019t have to pay any estate tax because the business assets belong to the business and are not considered part of the assets.\u00a0 The tax hurts family farms and family businesses the most. A farmer may own 1000 acres and leaves it to his children when he dies. His children often have to sell the farm to pay the tax since the farmer probably doesn\u2019t have the savings to pay the tax.\u00a0 All his money is tied up in land, buildings, and equipment. Not only does the family lose the income from the father (the breadwinner) who dies, they also lose the means to continue earning a living (the farm). The same goes for a man who owns a small business, like a grocery store in a small town. Communities also suffer because many of those businesses in small towns close because they cannot find a buyer. It may be the only grocery store, barber shop, or other business of its kind in the town forcing residents to drive to nearby cities for those services. It also leaves those who work for the business out of work.\u00a0 Those who are retired generally have most of their assets in money producing stocks which the family has to sell to pay the tax so their children also lose the income.<\/p>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
The Estate Tax-\u00a0Kamala Harris wants to push our estate tax to the highest in the world to heavily tax the rich.\u00a0 That sounds good. Some States also have estate taxes of their own. They say those who oppose it are rich and are trying to get rid of it. Such rhetoric stems from a basic […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18,13],"tags":[66,31],"class_list":["post-11201","post","type-post","status-publish","format-standard","hentry","category-economics","category-politics","tag-economics","tag-politics-2"],"_links":{"self":[{"href":"https:\/\/www.neighborhoodministries.net\/index.php?rest_route=\/wp\/v2\/posts\/11201","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.neighborhoodministries.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.neighborhoodministries.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.neighborhoodministries.net\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.neighborhoodministries.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11201"}],"version-history":[{"count":1,"href":"https:\/\/www.neighborhoodministries.net\/index.php?rest_route=\/wp\/v2\/posts\/11201\/revisions"}],"predecessor-version":[{"id":11202,"href":"https:\/\/www.neighborhoodministries.net\/index.php?rest_route=\/wp\/v2\/posts\/11201\/revisions\/11202"}],"wp:attachment":[{"href":"https:\/\/www.neighborhoodministries.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11201"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.neighborhoodministries.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11201"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.neighborhoodministries.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11201"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}