One of Hillary Clinton’s proposals has some family farmers concerned. Under her plan, estate taxes would apply to inheritances worth more than $3.5 million for an individual.
The tax rate would range from 45-65 percent.
Randy and Carol Miller have been farming for decades.
“We`ve been married 41 years, and so I’ve been farming with husband for that long,” said Carol Miller. “He`s farmed since he was a teenager, so he`s got about 60 some years that he`s been farming and we have two sons.”
The Miller family has several farms, it's their legacy. And they want to pass on to their sons what they've worked so hard to acquire.
“Everything we do, we want to pass down to the younger generation, and it`s important to keep the estate tax exemption as high as possible so he isn`t going to have to come up with the inheritance tax when we pass on,” said Randy Miller.
Hillary Clinton’s proposal on the estate tax would mean family farmers like the Miller's would get hit hard with a major tax at the time of their death.
“I`m just getting started so if he, if they both pass and I acquire all the land and all the equipment and everything, then I would have to come up with that money and I don`t have that right now, so I’d have to sell even to pay the tax,” said Dennis Miller.
$3.5 million may sound like a lot of money but that figure can be reached faster than you might think.
“When you start looking at the land, you look at the machinery, the equipment, the livestock, the crops that you may have in storage, it doesn`t take long for a lot of that to start accumulating quite quickly,” said Carol.
“We already have done quite a bit of planning and then if it changes, then you got to re-plan and maybe what you've done is not going to work,” said Randy.
Currently, every estate worth more than $5.45 million from an individual is taxed at a flat rate of 40 percent.
Donald Trump, for his part, wants to get rid of the estate tax altogether.