So I watched SD Rep Kristi Noem speak at the GOP’s Tax Reform coming out party. What struck me was her ‘whining’ about her father passing and her family having to take out loans to pay the estate tax. So it got me to wondering….the estate tax is only applied to estate’s property of over $5 million dollars.
So what do we have here? Her net worth shows to be $96,504 as of 2014. With a US Salary of $174,000 per annum….it sounds suspect.
Noem has said that upon her father’s 1994 death she and her family members decided to take out a loan to pay taxes owing on the estate, noting that “for 10 years that loan really impacted our ability to make a profit”. The property, of which Noem’s family owns a non-controlling partnership in, has also received $3,058,152 in USDA farm subsidies from 1995 through 2009. Over the years, Noem added a hunting lodge and restaurant to the property, and all of her siblings have moved back to assist in expanding the businesses. Suggesting things are not all that bad.
In 2017, there were an estimated 11,300 estate returns filed, but only 5,500 of them were taxable, according to data from the Tax Policy Center. Only wealthy individuals passing on high-value assets will be subject to the 40% tax through 2024, when it is due to be repealed entirely. Note: currently? the estate tax exemption is $5.49 million currently for individuals and nearly $11 million for married couples. Doesn’t that suggest that Mrs. Noem isn’t destitute?
The estate tax is best characterized as a tax on very large inheritances by a small group of wealthy heirs; repeal would amount to a massive windfall averaging more than $3 million apiece for the top 0.2 percent, and more than $20 million for the wealthiest estates.