We’ve all frequently heard naive politicians suggesting we “tax the rich” - which on the surface seems kind of ok, doesn’t it? But I want any business owners - including farmers and graziers - to understand that you are the “rich” they’re talking about. That’s because you own land and there is money in land, easy taxing money!
Today Tim Rivett and I will be discussing estate taxes - something I am hearing more and more politicians talking about in the media.
For anyone in farming back in the 60-70’s, this should send a chill up your spine. You will probably remember something called inheritance tax, which forced many farming families into selling up and losing the farm when Mum or Dad died, as they couldn’t afford the estate taxes.
We are all going to die at some stage and whether it is our parents leaving assets to us, or us leaving assets to our kids, the legislation of death or inheritance taxes will impact your family, so this is a podcast you won’t want to miss.
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