Posted on 10/15/2024 7:51:22 AM PDT by SeekAndFind
Here is something no one in the media is reporting as Vice President Kamala Harris continues to duck and weave like Muhammad Ali in the ring to avoid any questions about her economic plan.
The American Business Defense Foundation reports that under the Harris tax plan, the number of Americans subject to the hated death tax would double or triple. This would happen because Harris has declared she will let the Trump tax cut expire next year if she becomes president.
Thanks to the Trump tax cut, the amount of an estate that is currently exempt from tax is roughly $13.6 million.
But according to the IRS: "Under the tax reform law, the increase is only temporary. Thus, in 2026, the exemption is due to revert to its pre-2018 level of $5 million, as adjusted for inflation."
Kamala wants this to happen. She wants to soak the millionaires and billionaires. But under her plan, thousands more families will be clobbered by this tax when a parent dies. This brings new meaning to the idea of "the grim reaper."
We aren't talking about the very rich -- people like Warren Buffett and Bill Gates, who are already subject to the unfair death tax. (Though these super billionaires have built massive family foundation tax shelters to escape the tax.)
Now many farms, ranches and family-owned businesses will have to be sold after a funeral just to pay the taxes. These are mostly owners and operators of small businesses that have been built up over a lifetime to million-dollar-plus enterprises. The owners have already paid Uncle Sam millions of dollars of income, property, payroll, energy, business and other taxes and annual levies.
Now they will have to pay a 40% estate tax rate, plus another 5 to 15% depending on what state they die in. In other words, roughly half of a family inheritance must be forked over to the politicians. The IRS gets almost as much as the kids and grandkids. The agents should at least pay their respect at the funeral!
How is that fair?
But wait. It gets worse.
Massachusetts Sen. Elizabeth Warren has introduced a bill to make the death tax even more onerous. Under her bill, the estate tax rate would rise to as high as 55% to 65%, and the exemption would lower to $3.5 million. This means that as much as two-thirds of an estate could be seized by the government. This isn't taxation. It's confiscation of family property. Is the IRS going to seize grandma's jewelry or grandpa's stable of horses and the mansion he built himself?
Will family businesses have to undergo the indignity of a fire sale to vulture companies just to pay the taxes owed?
Guess who supports the Warren tax scheme? Yes, Harris thinks this is a swell idea.
Incredibly, if the Warren tax came to pass, the United States -- the land of the free -- would have the highest estate tax in the world.
Higher than Russia. Higher than China. Higher than the socialist nations of Europe.
The real-world impact of death taxes this high is that older people will avoid the death tax by lavishly spending down the family estate so that there is no money left to tax. The incentive is to die broke. Family businesses won't be able to pass from one generation to the next. This is how the death tax destroys jobs and investment.
By contrast, former President Donald Trump will make his death tax relief permanent. Family businesses and estates will remain vibrantly intact.
This is one of many vital tax issues voters should consider on Election Day.
BTTT
Don’t tax you.
Don’t tax me.
Tax that man behind that tree..................
The party of the dead.
Que Mala the Kommie
“Trust Attorneys for Harris!”
Take their money and get their vote on top of it.
“Now many farms, ranches and family-owned businesses will have to be sold after a funeral just to pay the taxes.”
AND THAT’S THE GOAL! Remember, Marxists hate the middle class. They want two classes: The uber rich (only them) and the poor (everyone else) with some few servants in the middle class who get by via toeing the line.
Don’t they have people read Orwelll (1984, Pig Farm, etc.) anymore? Leftists such as Harris did not take these books as the warning they were intended. They took them as a game plan. (Well assuming Harris can read - she certainly cannot write coherently - see the plagiarism scandal - but doesn’t matter - she’s just another leftist sock puppet.)
Death Tax nothing a democrat won’t tax well except their off shore accounts and stashed gold bars.
Trusts and corporations can limit all or most of the damage - the ones who always get hurt are less sophisticated sole proprietors who did well financially.
Bookmark
Do you at least get buried with your gold crowns or will the IRS agent at your funeral bring pliers to get his two out of three?
A high death tax incentivizes government to maximize death.
They also want to eliminate stepped-up basis at death, which means when you sell the ranch or business to pay the death tax, you’re going to get hit with capital gains tax on all the increase in value since your parents (or grandparents) bought the place.
Welcome to the world of property confiscation.
BTT
My wife and I spend a lot on our kids and grandkids, thinking that it is better to give while we're alive than have the government seize it when we die. You can give a large amount tax-free each year to family members. Also can put money into college trust funds for when the grandkids grow up, tax free. As for real property, the gov't is going to steal a large chunk if Trump's tax breaks expire, because of the increase of price over the years (not increase of value!). Better to help your kids have title of their own property before you die.
That happened to Joe Robbie’s family.
Former owner of the Miami Dolphins.
bttt
Governments have enough opportunities to tax people during their lifetime. What is leftover when they die should not be a taxable event.
So Death Tax AND Capital Gains Tax.
Property confiscation indeed.
Gotta’ burn through it/give it to family before the Big Day.
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