REVEALED: Biden's 'middle-class death tax' that means widows' families could get far less of their estate - and break his promise not to hike rate on

[BluesLegend]

The Internal Revenue Code has never taxed unrealized gains at death. Suddenly taxing unrealized appreciation as a separate and new tax—subjecting what could be millions of estates whose owners yesterday had nowhere near the assets to be subject to any death taxes—is a breach of faith.

 

[the other mike]

Come on people, Inheritance Taxes are as American as the game of Monopoly!

If I'm not mistaken Biden's proposal is to bring it back to the 2009 level of 3.5 million per individual and 7 million for couples. That is to say if you receive more that 3.5 million in inheritance you will pay tax on what is above that 3.5 million.

You don't think a Walton or Koch grandchild should be worth $30 billion just for being born ? C'mon. How will they learn to fish with no yachts ?

 

[whitehall]

There's a lot about the "death tax" that the liberal media refuses to cover much less be outraged about. A middle class family who wins a new car in a lottery will probably never get to drive it because they can't afford the up front capital gains tax. The people who inherit a modest or valuable piece of property would have to call the real estate speculators when they couldn't afford the up front death tax.

 

[BluesLegend]

There's a lot about the "death tax" that the liberal media refuses to cover much less be outraged about. A middle class family who wins a new car in a lottery will probably never get to drive it because they can't afford the up front capital gains tax. The people who inherit a modest or valuable piece of property would have to call the real estate speculators when they couldn't afford the up front death tax.

It's also a family owned Farm destroyer resulting in mega corporate farms buying up all the land. Dems wreck everything they touch.

 

[the other mike]

There's a lot about the "death tax" that the liberal media refuses to cover much less be outraged about. A middle class family who wins a new car in a lottery will probably never get to drive it because they can't afford the up front capital gains tax. The people who inherit a modest or valuable piece of property would have to call the real estate speculators when they couldn't afford the up front death tax.

Nothing like that could pass the Senate right now.

 

[Osiris-ODS]

Democrat politicians SALIVATE thinking about the money they can squeeze out of the middle class through capital gains taxes, almost as much as they love the idea of imposing a "wealth" tax.

Democrat voters fall into various categories, including (1) those who are too stupid to understand how capital gains taxes hurt them and their children, (2) those who don't own anything and thus don't give a shit, and (3) those who are so rich they support more radical capital gains taxes because it would allow them to acquire valuable assets from those who can't afford the taxes, would deter potential investors, and because they're financially able to exploit ways to shield/limit their own exposure to the taxes.

So your idea is tax the sale of a non-inventory asset as income?

What I'm saying, in case it was unclear, is that the government should not be taxing unrealized capital gains on personal assets. Charging tax on the increase in value of a home, before the home is sold, would be a tax on unrealized gains. Most middle class people do not have the liquidity on hand to pay those taxes, so they will have to sell the property in a hurry to pay the tax, allowing the very rich to swoop in and buy it at a bargain, thus becoming even more wealthy.

Not to mention, the residential housing market fluctuates both up and down over the years, so the increase in market value of a home on a given day does not necessarily mean that home will have the same market value (or higher) when it is later sold -- it could easily go down, and I'm sure the government won't be offering refund checks in the event a home later sells for less than the tax assessed value used for the capital gains tax. The whole of concept of taxing unrealized gains stinks to high heaven, would unquestionably lead to all kinds of shady tactics geared toward manipulating market valuation (in both directions, by all involved), and would have devastating consequences to many, many middle class Americans.

 

[Jarlaxle]

So, my 1 million dollar insurance policy for my family would be taxed? Fuckin fascist democrats.

Pretty sure there is no tax on life insurance payouts.

 

[BluesLegend]

So, my 1 million dollar insurance policy for my family would be taxed? Fuckin fascist democrats.

Pretty sure there is no tax on life insurance payouts.

Dems have a scheme to tax them. Biden has proposed lowering the portion of an estate that is tax free, then whacking the life insurance benefit and rest of the estate above that with his DEATH tax.

 

[dudmuck]

There's a lot about the "death tax" that the liberal media refuses to cover much less be outraged about. A middle class family who wins a new car in a lottery will probably never get to drive it because they can't afford the up front capital gains tax. The people who inherit a modest or valuable piece of property would have to call the real estate speculators when they couldn't afford the up front death tax.

 

[Turtlesoup]

Angelo Yes, that is what happens under socialism and communism...poor get poorer and inflation takes over. But hey, politicians and billionaires get richer............

 

[bendog]

Angelo Yes, that is what happens under socialism and communism...poor get poorer and inflation takes over. But hey, politicians and billionaires get richer............

Well since we have neither socialism nor communism here in America ... that's certainly good news. LOL