Posted on 06/16/2021 10:49:18 PM PDT by knighthawk
President Biden has promised not to raise taxes on anyone earning less than $400,000 but plans to end an inheritance loophole could do just that, according to a new analysis that suggests a widow with nothing to pass on to her children but her home could be badly hit by proposals that would leave the Bidens' personal fortune untouched.
Tucked away in Biden's American Families Plan is a revision to the way capital gains taxes are paid on estates when people die.
Critics have dubbed it a 'middle-class death tax' and say it will mean thousands of people having to sell assets to meet tax bills they would not get under existing law.
(Excerpt) Read more at dailymail.co.uk ...
Will the American media report on this? I doubt it.
If people aren’t going to rise up against this, then they deserve to be taxed to death.
It takes the reporter forever to explain that the proposal would eliminate the “step up in basis” that is critical to intergenerational wealth transfer for the middle class.
They just never stop.
It takes the reporter forever to explain that the proposal would eliminate the “step up in basis” that is critical to intergenerational wealth transfer for the middle class.
They just never stop.
Republicans should be screaming “Democrats hate widows- want to tax them out of their benefits so they starve to death”- play the same game liberals play-
thjey can always live off hunter’s art paintings income
going back to the previous threshold of
six million.
will not affect that many people
“going back to the previous threshold of
six million.will not affect that many people”
Inflation is speeding up rapidly due to profligate government spending paid for by money printing. We may soon be seeing double digit inflation rates like we did in the 1970’s and early 1980’s. Even worse we may experience the hyper inflation of the Weimar Republic, Zimbabwe, or Venezuela in more recent history.
Ten percent annual inflation will cut the value of a $6 million to $2.3 million in 10 years.
What a surprise…….
They have to lay the greatest burdens on the middle class because, despite the frothing about the super-rich, the middle class is where the money is.
As usual, death taxes land hardest on the family farmers and small businessmen who haven’t incorporated themselves. (Thereby making lawyers rich.)
O’Bastard Care put a tax on everyone’s property too when you sell it.
President Biden's American Families Plan includes a radical change to the way capital gains tax is applied to estates. It would reduce the threshold from $11.7 million to $1 million, potentially exposing lower earners to the tax, particularly those hoping to pass on homes to their children.
President Biden’s American Families Plan includes a radical change to the way capital gains tax is applied to estates. It would reduce the threshold from $11.7 million to $1 million, potentially exposing lower earners to the tax, particularly those hoping to pass on homes to their children.
***************
That is nothing here in California where homes are pretty much $1 million.
Joe hates the proletariat....
eliminate the death tax and the step up in basis
no tax due until the beneficiary decides to sell
The reason they are not is that in truth, they are quite willing to see this come to pass also.
It’s all one “Big Club” and the middle class ain’t in it.
(H/T to George Carlin)
They intend to outlaw ownership of private property.
A Communist wet dream.
True. Most of them are corrupt
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