XPost: talk.politics.guns, sac.politics, alt.fun
XPost: or.politics, alt.fan.rush-limbaugh
The Democrat Party's answer to virtually every issue in the country is a
tax increase. From income taxes to corporate taxes to property taxes to
sales taxes, Democrats have likely never seen a tax increase proposal
they didn't eagerly embrace. Toss in Democrat presidential nominee
Kamala Harris and the sky's the limit.
While Harris and the Democrats talk virtually non-stop about "the rich"
not paying their fair share, and large corporations profiteering at the
expense of hardworking Americans, they don't talk nearly as much about
their views on estate taxes — "death taxes" — and their desire to
increase them, as well.
If Harris wins the presidential election, the question of how much is
enough — or too much — to tax individual estates upon death will be
front and center. Bigly.
According to the American Business Defense Foundation under Harris'
economic and tax plans, the number of Americans subject to the death tax
would double or triple, primarily because she has repeatedly declared
she will let the Trump tax cuts expire in 2025 if she becomes president.
Under Trump's plan, which he signed into law on January 1, 2018, the
amount of an estate that is currently exempt from tax is roughly $13.6
million. But according to the IRS, when Trump's plan expires, "the
exemption is due to revert to its pre-2018 level of $5 million, as
adjusted for inflation."
As Stephen Moore, a senior fellow at the Heritage Foundation and an
economic advisor to the Trump campaign, wrote in an op-ed published by
Fox News on Saturday, Harris can't wait:
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 this fair?" Moore asked. It's not — and it gets worse, as he wrote.
Enter, Massachusetts Democrat Sen. Elizabeth Warren
Warren, a non-declared, dyed-in-wool socialist, has introduced a bill to
make the death tax even worse. Under her bill, the estate tax would not increase to as high as 55 percent to 65 percent; but the federal
exemption would also lower to $3.5 million, which means as much as
two-thirds of untold numbers of estates in the country could be legally
stolen by the federal government and redistributed to people who had
zero to do with earning it.
ALSO READ:
Harris Cannot Stop Lying, Reverts Back to 'The Rich Don't Pay Their Fair
Share' Canard
Did I mention that Harris loves Warren's bill?
So How Bad Could It Be?
If Warren's plan should become the law of the land, likely under Harris
as president, the United States would have the highest death tax rates
in the world. As Moore explained:
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.
Moore legitimately asked: "Is the IRS going to seize grandma's jewelry
or grandpa's stable of horses and the mansion he built himself?"
If Kamala Harris wins the White House, and the Democrat Party wins both chambers of Congress, the answer will be a resounding: "Of course they
will. Eagerly so."
https://redstate.com/mike_miller/2024/10/19/does-kamala-want-americans-to-die-broke-harris-death-tax-plan-would-be-worlds-highest-n2180797
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