Plank #3 of the Communist Manifesto: Abolition of all rights of inheritance.
http://www.laissez-fairerepublic.com/TenPlanks.html
with the power to tax, also come the power to destroy....
Hope your year is large enough to grow spuds....
This has thankfully not passed yet. Hoping farm state Dems will put the lid on this stupid idea. Sure it is being driven by the whores of Davos but there should be a few Democrats who would like to keep their cushy jobs in the House or Senate.
There is little patience left for the fools who voted themselves and their fellow citizens into poverty because they didn’t like Trump’s personality. F them.
All Assets need to be adjusted for true Inflation.
The Capital Gains tax rate is theft in so many cases.
Saw this coming some years ago. Sold our four decades plus farm in Florida and put a huge down payment on a smaller parcel two residences in Colorado where the daughter lives and works.
Minimized our footprint. Transfer of wealth in-house
Not waiting to die first
Don’t think for a second that Biden and the Demonrats are solely responsible,the Rino’s are in this up to thier eyeballs, it really is the Ruling Class against We the People. I am frightened to think how this will end, but I think there will be bloodshed sooner rather than later and it won’t be pretty
They're happy to wait until you're dead and your propagandized kids are left to their own devices.
“Family Owned Farms”, or as they are known by Democrats, kulaks. Stalin had his ways of getting rid of them, and Biden has his.
Thanks for the good article. It isn’t just family farms that would be destroyed. Any family that has accumulated assets such as a company, real estate, or even your own home over decades will face the exact same problem.
We’ve done well with our investments and our children’s tax bill will jump close to $1 million when we die if they eliminate the basis step-up. With the insane increase in real estate prices since the 2009 melt-down, anybody with a good real estate portfolio that they have owned for decades will face the same thing.
This would be a MONUMENTAL tax increase on all families with appreciated capital assets.
It’s not an especially arcane tax law, but it is obscure enough that people seem to be unaware of what is going on in this ComDem Congress.
Taxing the appreciation at transfer isn't part of any plan I've seen, and certainly not the one the article links too.
But the plan they link to does say:
"However, the Biden administration has announced that family-owned farms passed down to family members who will operate the property will be protected with respect to this change."
I think Jim Mundorf is making things up for clicks.
Many farmers turn their farms into an LLC or a trust to avoid this inheritance tax nightmare.
Let’s Go, Brandon!
Sidenote: the only way I would let my kids anywhere near the corn head was with the machine entirely shut down, and the header locked when in the raised position.
Part of the way the government is trying to end family farm ownership is with the Clean Water Act, using a claim of ‘wetlands’ to halt any land use.
Biden wants to put people who actually work for a living out of work. Oh wait, when they start working for the Chinese, they have to pay more income taxes to the government. Just what they want.
Under Xoe Xiden the state will own the means of production, and the inner party members will get first dibs.
Having grown up in rural America. . . . The family farms that I use to know have been sold to the few highest bidders in the county. Trees have been mowed down everywhere for “just another acre”. You hardly remember the countryside as it was. The latest is solar panels everywhere. I would have to say in our neck of the woods. . .so goes the family farms . . .so goes the town. It is sad. . . but we must remember “this world is not our home”.