An America where your kids can’t afford to keep your money: Middle income families’ disgust with Biden’s ‘twisted’ ‘death tax’ that would force many to sell what they inherit just to be able to pay the bill
- Biden’s ‘death tax’ would impose capital gains of $1million or more after someone dies
- There are more than 3million homes nationally worth at least $1 million and the number continues to rise
- The person who inherits it would have to pay 40% of the increase of the asset’s value from when it was purchased to when they received it
- It does not just apply to property – it applies to stocks and other assets, including businesses
- The Biden administration promised protections for businesses and farms but none have been confirmed
- Families who scraped to buy property in the 60s, 70s, and 80s, would be knee-capped by the proposal
- It means their kids would have to pay hundreds of thousands to the government just because the property is now worth more
- Some say it would force the kids to sell what they inherit just to be able to pay the tax on it – a ‘twisted’ and ‘disgusting’ result of a lifetime of work
- The threshold so low it could wipe out family businesses along with farmland – which has escalated in value
- The proposal is part of Biden’s American Families Plan which Congress is yet to vote on