I never understood how the Gubmint could logically tax monies that have already been taxed multiple times. Makes no sense to me....but to a politician...SOP.
Leaving behind money for your children after you die these days means giving them a map to all the buriede mayo jars full of money in your back 40.
Death tax another gift from the democrat party the list is endless helping the little guy ya know.
Some years back, my great uncle died. He’d been the owner of a small chain of 4 furniture stores. His surviving wife, my aunt, was forced to close all 4 stores, lay off about 130 people and sell the stores and inventory to pay the taxes. She had more than enough left for her to live comfortably for the rest of her life, but paying the taxes forced 130 people onto the unemployment lines and they had nothing left of the business to leave to their children.
But KEEP the step-up basis!!
Interesting that the GOP is jumping through hoops to eliminate an inheritance tax supposedly for farmers, that we all know have been getting their due on government subsidies and handouts for many years. Yet they do nothing for average Americans whose typical inheritance might be an IRA or 401K that will be taxed at earned income tax rates.
I know ...the discussion of what was taxed and what wasn’t can always be muddied by those who wish to benefit their own position. The fact is that people got rich in America that would not have gotten rich in Yemen, and that means that someone besides the USA middle class needs an obligation to pay back to the nation for defense, infrastructure etc..
Where will the revenue that is lost come from? Another Chinese credit card.
I view Congress as being made up of mostly incompetent traitors that are either interested in taking away our rights or giving away our economy to China, or importing illiterate poverty for cheap labor and votes and turning urban areas into cesspools, or keeping us involved in perpetual costly wars that have little to do with us, while our infrastructure goes to hxll. It is obvious to me that every time they get the opportunity they will stick it to and reduce the middle class.
The government incompetence in protecting us from illegal entry, and our borders led us to 9-11 and to our “changing face”.