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Author Topic: John Rease: "I made my money the old fashioned way, I inherited it."  (Read 1303 times)

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Offline VekseidTopic starter


Offline Wolfy

Re: John Rease: "I made my money the old fashioned way, I inherited it."
« Reply #1 on: September 24, 2010, 05:03:58 PM »
*pulls out "Douche"-stamp*

Where shall I put this?

Offline Chevalier des Poissons

Re: John Rease: "I made my money the old fashioned way, I inherited it."
« Reply #2 on: September 24, 2010, 09:42:54 PM »
Who needs brains when you have money?

Ha.

Offline Saerrael

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Re: John Rease: "I made my money the old fashioned way, I inherited it."
« Reply #3 on: September 24, 2010, 10:10:35 PM »
I am inclined to respond with a very well thought through 'LOL WUT?'

Online Doomsday

Re: John Rease: "I made my money the old fashioned way, I inherited it."
« Reply #4 on: September 25, 2010, 03:10:56 AM »
Can't watch the video from my phone but I don't get the outrage in this thread. Who is the guy?

Offline VekseidTopic starter

Re: John Rease: "I made my money the old fashioned way, I inherited it."
« Reply #5 on: September 25, 2010, 05:36:15 AM »
He's a republican running for senate in West Virginia.

Offline Trieste

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Re: John Rease: "I made my money the old fashioned way, I inherited it."
« Reply #6 on: September 25, 2010, 07:27:40 AM »
Can't watch the video from my phone but I don't get the outrage in this thread. Who is the guy?

It sounds like he's trying to get elected on a campaign against inheritance taxes, which are high and which are billed as a severe concern for farmers (the stereotype, and I don't know how true it is, is that family farms get swallowed up by Uncle Sam because the kids who are supposed to inherit them can't cough up the high inheritance taxes). His misstatement was in the form of the quote in the subject, and he goes on to say that he hopes everyone will get the chance to do that because it's a great way to make some money.

As if everyone has a rich uncle? I dunno.

Offline VekseidTopic starter

Re: John Rease: "I made my money the old fashioned way, I inherited it."
« Reply #7 on: September 25, 2010, 07:34:50 AM »
As far as I know is there is not one single case where children have lost the family farm due to the inheritance tax. It currently applies only to those inheriting over three million dollars.

Online Doomsday

Re: John Rease: "I made my money the old fashioned way, I inherited it."
« Reply #8 on: September 25, 2010, 05:29:51 PM »
As long as he isn't running on the platform of "look at me, I'm a business man, I know how to generate revenue!" I don't care. Though it's blatantly self-serving for his main focus to be the abolition of inheritance tax.

Offline Trieste

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Re: John Rease: "I made my money the old fashioned way, I inherited it."
« Reply #9 on: September 25, 2010, 06:08:42 PM »
As far as I know is there is not one single case where children have lost the family farm due to the inheritance tax. It currently applies only to those inheriting over three million dollars.

I guess it depends on what the average farm is valued at; after all, a plot of land with nothing more than a house on it can be 3 million dollars (or more) depending on how elaborate the house is and where the land is located. A vast swathe of land containing animals, crops, support buildings, and equipment could plausibly be valued at 3+ million, if someone wanted to be a dick about it.

Offline Oniya

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Re: John Rease: "I made my money the old fashioned way, I inherited it."
« Reply #10 on: September 30, 2010, 09:38:56 AM »
I decided to look up some representative properties at http://www.landandfarm.com - a $3M farm could be as small as 21 acres in Texas with what looks like a really nice house (11,000+ sq. ft), or as large as 570 acres in Virginia, partially wooded (couldn't tell if there was a house).  Also in the $3M price range were a lot of 320 acres in CA with no apparent house on it, but 'fully pipelined', and another one that was ~420 acres of 'seasonal livestock grazing' (also, no apparent house).

So, in short, farm values are indeed all over the place.

Offline VekseidTopic starter

Re: John Rease: "I made my money the old fashioned way, I inherited it."
« Reply #11 on: September 30, 2010, 04:31:35 PM »
The specific number is $3.75 million, and that's when the 50% starts taking into effect - if you inherit $4 million, you pay $125k, not $2m.

I decided to look up some representative properties at http://www.landandfarm.com - a $3M farm could be as small as 21 acres in Texas with what looks like a really nice house (11,000+ sq. ft), or as large as 570 acres in Virginia, partially wooded (couldn't tell if there was a house).  Also in the $3M price range were a lot of 320 acres in CA with no apparent house on it, but 'fully pipelined', and another one that was ~420 acres of 'seasonal livestock grazing' (also, no apparent house).

So, in short, farm values are indeed all over the place.

Houses are rather trivial compared to the value of the actual land. Although that may have become less so since the housing crash, since it was really more of a land grab.

Offline Oniya

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Re: John Rease: "I made my money the old fashioned way, I inherited it."
« Reply #12 on: September 30, 2010, 04:45:33 PM »
Either way, you're looking at a range of 5,000-143,000 per acre, leaving out the existence or quality of the house.  I'd still class it as 'all over the place'.