I was just in a meeting with a family and got to deliver the news that they are facing a $600,000+ estate tax hit on their inheritance. In the case of this “rich” family, their wealth shrank by over 20% thanks to our confiscatory tax system.
I would have thrown up right then and there after taken a stomache punch in the wallet like that.
What is the estate tax % these days in Oregon?.....we’ll likely be faced with it in the next few years...
My aunt is a super lib, primarily because she has a tremendous amount of guilt over being successful and fairly wealthy while others "have so little". I remember several years ago she was very opposed to eliminating the death tax for reasons I am sure you know.
Having done a good bit of financial work for them I know a good deal about their finances and amount of their wealth. I asked her how her two daughters, who were in college at the time would come up with the more than $1 million in taxes they would have to pay if her and her husband died in a car accident tomorrow.
She thought I was crazy that she and her husband would be subject to the "death tax". After all, that is only for the RICH!
Like the AMT, which was implemented to make 155 people who didn't pay taxes one year pay taxes after that. Now we are looking at it snaring 20 million+ middle class families.
The lesson, anytime the liberals institute something to "get the rich", it will in quick order get you!