all our value is tied up in our land and our land is what our business is based on. wells is planning on passing the farm to our 22-year-old son and that is where most of her worries begin. under the current estate tax law next year estates worth more than $1 million would be taxed at 55%. we would not have the cash money to pay the tax. we would either have to mortgage the property or we would have to take a bank loan which would work against us in borrowing money for production on the farm. under the new tax plan the president hashed out with congressional republicans individuals could pass on $5 million in assets tax free. anything over that would be taxed at 35%. house democrats say that s too generous and favor a 45% tax rate for estates worth more than 3$3.5 million. the difference in revenue between the two plans is $7
came home from college. she s the eighth generation to own this scenic 320-acre waterfront farmland. the perception may be deceivind. we re land rich and cash poor. all the value is tied up in our land, and our land is what on you business is based on. she s planning on passion nge farm on to her 22-year-old son, and that s where most of her worries again. under the current estate tax law, next year estates worth more than $1 million would be taxed at 35%. we would not have the cash money to pay the tax. we have to mortgage the property or we d have to take a bank loan, which would work against us in borrowing money for production on the farm. under the new tax plan the president hashed out with congressional republicans, individuals would be able to pass on $5 million in assets tax-free. anything over that would be taxed at 35%.
told to do. and we can think about this as one of the naked revelation of the obama administration s remarkable ability to politicize everything and you can put this one as one of the many, many things that this administration is going to be found unbelievable about. paul: joe. i want to give a hit to lebron james for choosing the miami heat in the nba. not for anything to do with the team, but because he chose low tech florida, actually zero tech floridaver cleveland which has a 6% rate in the city and the tech foundation calculates he made millions of dollars on this and just wait until off state championship are a function of state tax law. paul: all right, bret. like a stop clock, a totalitarian regime is right every 30 years, the governor of iran that stones women and