Biden's New Death Tax: Pay Attention Those of You Who Have Investments And Assets That Have Appreciated Through Your Working Years

Townhall ^ | 05/01/2021 | Hank Adler

[clearcarbon]

"an individual who thought he was going to leave $3,000,000 to his children would see 100% of that amount taken by the government. "

Next they speed up the process that gives them access to that revenue.

[clearcarbon]

"The United States does not need the government appearing with its hand out standing next to that guy with the sickle."

[Alberta's Child]

There are plenty of reasons to oppose this stupid death tax proposal, but people who write articles like this have no credibility because they deliberately present scenarios with irrelevant information.

Who cares if an asset is encumbered by a mortgage when its owner dies? A proposed tax policy should stand or fall on its own, regardless of other issues that come into play in specific situations.

I’d also point out that having $7M in mortgage debt on an asset that was purchased for $2M and has been fully depreciated indicates a level of sophistication on the part of the owner that should make ANY death tax rate nothing more than a minor consideration in estate planning.

[zeestephen]

Is there any mention of inflation adjustment in the new capital gains death tax?

I did not see that mentioned.

Also, would this apply to capital gains in Trusts?

EVERY person who works for a Trust company has a law degree (LOL - that is only a slight exaggeration).

Biden's tax people have no idea what kind of legal mine field they are walking into if they start messing around with Trust Funds!

[ronnie raygun]

wipe out all inter-generational transfer of wealth but exclude those rat bastards that created it

[1_Rain_Drop]

"Although this is horrible there is one thing that should be pointed out in the example used. The building was purchased for $2m in 1981 and it is worth $10m now.

What's the death tax on a building bought for 40k in 1980 and worth now 5M?

[Baldwin77]

Well, if it falls under “reconciliation” - it likely will pass.

If they dump the filibuster - it will pass.

[Baldwin77]

Not enough of them.

[LouAvul]

This senile old reprobate has stocked the administration with America hating socialists and doesn’t even know what’s going on. He’s as bad as O’Bummer, viz. haplessly and fecklessly looking over the bills signed while he slept.

[LouAvul]

One thing I’ve observed about liberal pukes is that they’re all for the liberal rhetoric until they’re the ones dealing with the mess. It’ll be interesting to see how it plays out.

[Mr. Jeeves]

The result, an individual who thought he was going to leave $3,000,000 to his children would see 100% of that amount taken by the government.

Only very foolish individuals own $10M buildings in their own names. Our system favors corporations for a reason - smart people use them.

[Vaduz]

Sales of Mason jars to ensue.

[DCBryan1]

Start a closed family corporation.

Agreed:

[MayflowerMadam]

That’s a great image.