The November LANDTHINK Pulse revealed that 78.43% of respondents think 0% would be a fair percentage for the Death Tax. In other words, the majority of our LANDTHINK audience support a full repeal of the tax by Congress. LANDTHINK, an authoritative online resource for advice, knowledge, opinions and trends related to land, received a tremendous number of responses from subscribers, fans, followers and land industry professionals all across the country. Participation in the Pulse has doubled in the last six months. A whopping 1,465 people responded to the survey question last month!
The death tax, also known as the estate tax or inheritance tax, is a federal tax imposed on the transfer of assets and property (including real estate, cash, and stocks) upon death. States also impose estate and inheritance taxes. The federal tax exemption, the amount that can be left to heirs without paying the tax, is $5.43 million in 2015. The controversial death tax has long been a source of political debate among Republicans and Democrats. President Obama’s proposed tax plans have always included raising taxes on the wealthy and redistributing the wealth. President Obama campaigned for higher taxes on the wealthy and won a second term, but Congress remains divided on the death tax.
Last month, the November Pulse asked: What do you think is a fair % for the Death Tax?
There is no question; The LANDTHINK audience thinks that the Death Tax should be fully repealed. Let’s face it, the general public has always hated the tax, believing it to be unjust and borderline theft by the U.S. government. Opponents to the tax believe that once assets have been earned, the government should not confiscate them upon death. Our informal online survey revealed that 78.43% of those responding said 0% is a fair percentage for the Death Tax. This was followed by 9.90% of our audience who thought the a fair percentage would be 1-10%. Only 1.91% of respondents thought that 50% or more would be a fair percentage for the Death Tax.
Farmers and ranchers have been strongly impacted by the death tax. When the family business is transferred to the next generation, often land and equipment has to be sold in order to pay the hefty taxes that are owed on the estate. When forced to sell farmland and equipment that’s vital to operations, productivity and efficiently is hindered, making the farms no longer economically viable.
Democrats are united in support of President Obama and his plight to raise taxes on higher-income Americans and tax inherited wealth. Republicans in the House are adamant that the death tax should be repealed, saying that it takes away earned assets and harms small businesses, farms and ranches. Republicans also argue the death tax reduces the incentive to save and invest and those with estates that might be subject to the death tax would consider reallocating their resources into a trust or tax-free investment.
Here’s how the results panned out:
- 78.43% said 0% is a fair % for Death Tax
- 9.90% said 1-10% is a fair % for Death Tax
- 3.62% said 11-20% is a fair % for Death Tax
- 3.00% said 21-30% is a fair % for Death Tax
- 2.12% said 31-40% is a fair % for Death Tax
- 1.02% said 41-50% is a fair % for Death Tax
- 1.91 said 50%+ is a fair % for Death Tax
Thank you to everyone who participated and shared the Pulse with friends and connections in the land industry.
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