They’re the masters of using government to create problems that the government can “solve.”
Dependency’s the game, Democrat’s the name.
The governments of the States should not be able to essentially appoint themselves as heirs.
There is no enumerated power for federal estate taxes, period. They are therefore forbidden by the 10th Amendment.
Progressives who take any sort of oath of office are simply lawless scum.
This is just a sneaky way of confiscating private property. We’re on the road to communism, folks! Communism consists of none of the public owning property and the government owning it all.
Under communism the only people who have a lot of money and property are the favored party elite.
In the USA, after communism is installed, all the members of congress, retired or present, presidents, ex-presidents, george soros, jeff bezos, bill gates, hillary clinton, and the head of blm will all be filthy rich and telling the government what to do.
We’re not far from there.
Getting rid of the small business owner was a key early goal of the communists in Russia.
“In order to oust the kulaks as a class, the resistance of this class must be smashed in open battle and it must be deprived of the productive sources of its existence and development (free use of land, instruments of production, land-renting, right to hire labour, etc.).
Perpetrators: Secret police of the Soviet Union
Location: Soviet Union
Date: 1929–1933
Source: https://en.wikipedia.org/wiki/Dekulakization#:~:text=%22In%20order%20to%20oust%20the,hire%20labour%2C%20etc.).
The article makes one wrong statement.
“unintended consequences”
Every bit of destruction they make is INTENDED.
It is not their damn money! They act like it is though.
No wonder that so many wealthy people are renouncing their US citizenship. These confiscatory taxes prove that capital is mobile - and the most important capital of all is human capital, i.e. the content of their minds.
Yet another economy-destroying proposal by those who have not a single clue as to how to create wealth or jobs.
Oh how I hate this tyrannical administration.
I think this is what happens when a ‘Policy Analyst’ tries to speculate: he forgets elementary accounting:
For every debit, there must be a credit.
In order for the Estate to pay the tax, the property value gain must be recognized which means the value of the asset is written up to market value (the stepped-up basis).
If a stepped-up basis is denied, then the property value gain cannot be recognized.
In the second scenario, the heir will have to recognize the gain (and pay the tax), but the Estate will only pay the tax on the original investment.
Bottom line is that each dollar will only be taxed once. The Estate on the valuation of the original investment, and the Heir on the gain. Note that I am deliberately avoiding discussion of the taxes the original owner paid on the money used to purchase the original investment.
bttt
The goal is to destroy the middle class.
Nothing else matters.
Once you understand that, everything becomes more understandable.
This would destroy any meaningful inheritance.