Confiscation of Assets Planned [semi-satire]

Semi-News/Semi-Satire ^ | 22 August 2021 | John Semmens

[John Semmens]

One of the ways the Biden Administration plans to help pay for its very expensive Green New Deal is to levy higher taxes on assets that parents pass down to their children. Under current law, certain inherited assets like farms, real estate, and investments can be left to heirs without being taxed. This enables family businesses to be retained in the family from one generation to the next.

Under the proposed new tax, the son or daughter inheriting the family farm or store would face an immediate bill for the appreciation in value the business has garnered over the lifetime of the bequeathing parent. The amount due would most likely exceed the revenue available from the business. This would necessitate either a sale of the business or a massive infusion of newly borrowed money to pay the tax.

Secretary of the Treasury Janet Yellen called the planned tax change "a matter of equity. Why should a person who has run a successful business be allowed to pass it on to his children? By taxing away this gain in value we can push these properties into stronger hands. During the pandemic family businesses fared poorly. Many had to be closed down to prevent the spread of COVID. Fortunately, the big corporations were able to take up the slack."

Yellen then pivoted to a recent study done by professors at Brown University that discovered there has been a 21% decline in IQ for children born during the pandemic, saying that "the fact is, the next generation may simply lack the intelligence to manage family businesses. I think this makes the case for greater consolidation of assets into mega-corporations, publicly owned industries, and collective farms. This would streamline the economy, eliminate unnecessary redundancies, and give government experts more control over what is produced, who produces it, and how the wealth of the nation is distributed."

If you missed any of the other Semi-News/Semi-Satire posts you can find them at...

https://www.gopbriefingroom.com/index.php?topic=446272.0

[E. Pluribus Unum]

I realize this is satire, but Plank #1 of the Communist Manifesto is abolition of private property rights.

http://www.laissez-fairerepublic.com/TenPlanks.html

[faithhopecharity]

I realize this is satire but the proposal is Biden’s and
you may be surprised just how strong is the support for it, too

bears watching...

[packagingguy]

The first two paragraphs are not satire. The Democrats intend to do this.

Can you imagine if your great great grandfather purchased a farm, store, etc. in the 1800’s, handed it down through the family and suddenly your kid is faced with 120 years or more of capital gains tax?

Then the Fed will print up some money, lone it to a multinational corporation for a song so the property can be bought for cheap.

[faithhopecharity]

exactly correct

[Nabron]

Then the Fed will print up some money, lone it to a multinational corporation for a song so the property can be bought for cheap.

Not *even.* Warren Buffett will scoop them up for a song, just like he did family farms in the 80s, and he won’t need to borrow a dime. The land is only worth so much. The “business” is worth so much more, they’ll have to sell.