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
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!
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."
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
All part of the leftist/globalists’ CAMPAIGNS to ELIMINATE AMERICA’S “KULAK CLASS”.
"Tax experts slam Biden's mess of a 'double death' tax"
FR: Never Accept the Premise of Your Opponent’s ArgumentPatriots are reminded that the states have never expressly constitutionally given the unconstitutionally big federal government the specific power to make laws dealing with life and death issues, the Founding States reserving such powers uniquely to the states.
"10th Amendment: The powers not delegated to the United States by the Constitution, nor prohibited by it to the States, are reserved to the States respectively, or to the people."
“Congress is not empowered to tax for those purposes which are within the exclusive province of the States.” —Justice John Marshall, Gibbons v. Ogden, 1824.
"[…] the care of the property, the liberty, and the life of the citizen, under the solemn sanction of an oath imposed by your Federal Constitution, is in the States, and not in the Federal Government [emphasis added] [emphases added].” —Rep. John Bingham, Congressional Globe, 1866. (See about middle of 3rd column.)
”From the accepted doctrine that the United States is a government of delegated powers, it follows that those not expressly granted, or reasonably to be implied from such as are conferred, are reserved to the states, or to the people. To forestall any suggestion to the contrary, the Tenth Amendment was adopted. The same proposition, otherwise stated, is that powers not granted are prohibited [emphasis added].” —United States v. Butler, 1936.
The remedy for the corrupt, unconstitutionally big, post-17th Amendment ratification federal government that is oppressing patriots under its boots…
Trump's red tsunami of patriot voters need to primary federal and state candidates who don’t clearly promise to help put the federal government back into its constitutionally limited power "cage.”
This is horrible for my clients, most will pay this damn double tax. We will most likely start using insurance to pay the tax bill so we can keep the family farm and businesses in tact.
“You will own nothing and you will be happy.”
This will drive capital to who-knows-where? Stupid. Typical.