While we bask in the afterglow of “The Great Game” and dissect the game as though it was a real life “running Man” movie, Obama gives us a lecture on his proposed spending platform that will most certainly continue the downward spiral that is our economy, will insure that we cannot intervene in world affairs in time to keep the chaos at bay, and will offer bread and circuses to the masses.
Our republican leadership is absent from the national scene, recovering from the hangover of the television spectacle that keeps us dumb, stupid, and ill-informed.
Pass the cheese.
Now Obama wants to remove the tax benefit on inherited property that allows people to use the “stepped up basis at death” to increase the tax revenue to the Government based on capital gains.
If your parents bought the farm in the 1960s for $1,200.00 per acre, and it is now $10,000.00 an acre, you will inherit property with a basis of $1,200.00 so when you sell it, it will cost you capital gains if Obama has his way.
Now, you get the value at the date of death as a basis for capital gains purposes.
This, along with all the other taxes, is huge.