Posted on 06/17/2021 2:42:35 PM PDT by packagingguy
Biden wishes to double tax inheritances. This will spell the end of small family fortunes.
(Excerpt) Read more at dailymail.co.uk ...
Only in the eyes of a bunch of Commies is accumulated capital an evil thing. . . . Absolute foolishness. . . once again trying to kill the goose that laid the golden egg. I thought we were done with this idiotic, self-destructive behavior when Obama rode out of town on his skateboard.
...OR even an appreciated home you lived in for 30 to 50 years. Ending the basis step-up, raising the capital gains tax, making that raise retroactive, now taxing UNREALIZED capital gains, and sky-high inflation. We had a tidy nest egg to pass to the kids, but that GD bastard is going to steal darn near 100% of it.
Our only hope is Trump gets re-elected in 2024 and the GOP undoes anything and everything these Dem bastards are doing.
EVERYTHING the Bai Den cabal has done or will do is part of the 'Cloward & Piven' methodology/ideology.
In the simplest terms:
1) DESTROY
2) SPEND TO REBOOT
3) CONTROL
They firmly believe it is impossible to accumulate capital at all without stealing it from the “underprivileged”.
Theodore Roosevelt dreamed of more death taxes.
It’s amazing how much we still suffer under the progressive era. That era never ended.
Resistance is Feudal!
Probably is “impossible” for a bunch of inept, ignorant, thieving commies like them. Their emerging oligarchs certainly have highly questionable ethics as standard operating procedure.
Teddy was really a disaster. He started the decline of America.
If you want to leave a small business or professional practice to your children, you should be transferring ownership to them while you're still alive. You can even establish a very low value for the company. "Hey, son ... let's say that this law firm that generates $5 million in annual revenues is worth $100,000 for ownership transition purposes."
Alternatively (or supplementing this), you can have the children buy life insurance for the parent(s) so the "death tax" is paid by the insurance settlement (which is tax free).
I have heard a number of complaints over the years from business associates who claim their families got screwed by estate/inheritance taxes in the past under the exact scenario you laid out. I had no sympathy for even a single one of them because they all fell into one of two groups:
1. They were morons who were advised repeatedly over the years to plan their succession accordingly, and refused to do so. This is the type of person I would describe as a "low-IQ peasant in a professional body."
2. They were situations where the parent(s) died and the children had no interest in taking over the business anyway. "We had to sell the family business to pay the estate taxes" is a silly complaint when the next generation wasn't going to be taking over the business under any circumstances. I'd find myself saying variations of this a lot: "It wasn't the estate tax that took your family farm away from you, idiot. You were going to be forced to sell it anyway because you and all your siblings are working as professionals and living 500+ miles away from the farm."
You can probably get away with this quite easily as long as you paid at least $25,000 for it.
Gold. Buy it, bury it.
I think you can pass the house on by putting it into a trust!!
Will Joe pay 10% ?
There should be no inheritance taxes at all.
And there’s no enumerated power for federal estate or gift taxes, the 10th Amendment forbids them.
While at the same time, hedge funds, including federally funded Blackrock, are buying up complete neighborhoods by outbidding local people.
You will own nothing and be happy!
bookmark
It’s part of the big plan to take all our money. It’s what they have to do before moving the country into overt communism.
I know this plan will not affect the really rich, like bezos, gates, soros, clintons. They will retain their wealth after the Grand Confiscation, and take their places in the Ruling Elite.
The family farm will die
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