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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 part with their
inheritance to pay the bill

Original Article

Posted By: Imright, 6/18/2021 9:41:01 PM

Middle income families are lashing out against Joe Biden's punitive new tax plan that would claim a large chunk of the amount someone leaves to their kids when they die just because it has gone up in value over the course of their lifetime. The harsh new tax - dubbed Biden's 'death tax' - is hidden in his American Families Plan and it's receiving ferocious backlash. It proposes that when someone dies, any asset they leave behind that has appreciated in value by more than $1million since the time they bought it should be taxed. The tax rate would go as high as 40% - double

Post Reply

Reply 1 - Posted by: Attila DiMedici 6/18/2021 9:43:33 PM (No. 820098)
The purpose of this tax is to get rid of family businesses and family farms. "Progressives" prefer big business to small business.
77 people like this.

Reply 2 - Posted by: Mizz Fixxit 6/18/2021 10:17:05 PM (No. 820113)
The mainstream press is mostly ignoring the death tax proposal. That’s because the media is irresponsible, corrupt and a threat to the middle class and individual liberties. The press lies, they fabricate scandals about conservatives and, of course, bury bad news about democrats. The press treats Republicans like chattel, yet Republican office holders turn the other cheek and take constant abuse from media jackals. This is a deadly serious fight. It is a must to treat the media like the criminals they are.
71 people like this.

Reply 3 - Posted by: davew 6/18/2021 10:35:40 PM (No. 820123)
The new proposal only applies to families that leave more than $7 million to their heirs so that should calm the fears of 99.9% of the population. Wealthy people that live in states like WI and CA that allow for long term trusts to hold their assets can still pass all the assets in the trust to the beneficiaries (their kids) without taxation. The new proposal just adds a new 40% tax if the assets passed on skip a generation (grandchildren) by creating a trust that lasts more than fifty years. The percentage is graduated as the assets increase and caps at 65% of anything over a billion. It closed some loopholes that allowed trust grantors to sell appreciated trust assets without triggering a tax event. There were also some loopholes that allowed survivors that inherited partial interest in a family business to discount the value of their inheritance based on some other gifting rules. This loophole would be eliminated. The best thing anyone with substantial assets is get an attorney and set up a family trust to hold them in the trust's name. This way they can be passed to the beneficiaries without triggering estate tax events or (God forbid) probate distribution by a judge.
21 people like this.

Reply 4 - Posted by: LadyVet 6/18/2021 10:48:22 PM (No. 820133)
#3, I think a problem is that they want to do away with the step-up in basis. So you may not pay estate tax, but you would get hit once a highly appreciated asset was sold after you inherited it. Whatever they can do to seize the wealth "without raising tax rates," that is what they will do. It will allow them to state a small truth while totally misleading the ignorant masses.
43 people like this.

Reply 5 - Posted by: MickTurn 6/18/2021 11:28:40 PM (No. 820160)
This is PURE THEFT, nothing else!
50 people like this.

Reply 6 - Posted by: thewarden 6/18/2021 11:36:32 PM (No. 820167)
In CA, you can hit the max $1 mil very quickly in the housing market. I hate these people. HATE. Scum communists.
53 people like this.

Reply 7 - Posted by: DARling 6/18/2021 11:45:06 PM (No. 820172)
How many of the liberals who gleefully voted for clueless Biden over "Mean Tweets" Trump are having buyers' remorse? They broke it, they bought it. Still, I will not gloat at their folly while I am being dragged down with them.
31 people like this.

Reply 8 - Posted by: JonR 6/18/2021 11:49:09 PM (No. 820176)
My fellow Americans, this proposal is truly government confiscation! We have a rogue administration who’s sole objective is to destroy the republic and get rich over the backs of you and me! To think otherwise is delusional and ignorant!
42 people like this.

Reply 9 - Posted by: NotaBene 6/19/2021 1:56:30 AM (No. 820220)
That money was already taxed by the government. What our Democrat-Marxists want is the abolition of private property and a Nation of renters begging benefits from the Federales.
37 people like this.

Reply 10 - Posted by: ldb51 6/19/2021 3:10:49 AM (No. 820231)
Watching the daily progression of Mayhem and Insult to America and the Constitution is MADDENING! This country and its founding were structured to support personal UNALIENABLE rights, individual initiative, hard work, a life of personal faith with minimum government involvement in daily life, and yes, an energetic and capitalistic approach to commerce and wealth. We are a center-right country by design, and our institutions, personal fortunes and continuing prosperity CAN ONLY FUNCTION under that construct. ANY authoritarian or totalitarian approach which attempts to subvert the Constitution, e.g., one which adheres to a collectivist-Marxist-Socialist model, is BY DEFINITION an alien influence and domestic enemy. Its proponents are seditious persons, and their activities, being contrary to the Constitution and the freedom and welfare of the American people, constitute an ongoing state of INSURRECTION. That is where the Democrat party stands today. We have been conditioned for decades to an expanding embrace of diversity, beyond the range of what is supportive and fruitful for a healthy and prosperous nation, until it now encompasses a tolerance of virtually EVERYTHING, including things which are politically and morally self-destructive and antithetical to our existence. This has gone on for so long that we cannot even lift our arms to resist the serpent when it stares us in the face. Diversity of thought, and speech, and cultures has always been an enriching quality of the American experience. However, that is not the same as a cynical proposition that any social or political policy is as good or valid as the next, because that is NOT TRUE! As has been said before, the Constitution is NOT A SUICIDE PACT - there are things, and people, which are EVIL at their ROOT, and which are a poison to Liberty, Justice and the survival of a FREE NATION. Our founding and national continuity has been carefully crafted over the last two centuries as a compromise, a balance of tense, opposing forces between the autonomy of the individual and the authority of the government. This tension is real, intentional and necessary. That is why, from the beginning, our Founders said it would only function for good citizens, a people who were attentive, educated and of good moral character. Surrender to appeasement, personal or government corruption, laziness, inattention, or too much blind trust in government is a sure path to the end of the Republic. We have a new crop of "leaders" who appear to fully intend the ruination of our nation and people, using every weapon at their disposal - physical, moral, legal, economic, and spiritual. They have seemingly captured all of the gates and ramparts of our liberty and sovereignty and have been doing their best to lay waste to the fortunes of the average hardworking and patriotic American citizen, and to drive us into the earth. Look at the damage and reversals they have wrought on all aspects of the American economy and world standing in less than 6 months! Witness the totalitarian political maneuvers and foolhardy pseudo-science these challenged autocrats are attempting to bring down upon us! The poison is plain to see, and the perpetrators could not be more brazen. On the other hand, America has forces, and resources, superior to theirs if they can be applied in wise and earnest pursuit of our defense. But, where and what is the flash point? Where is our Concord? Where is our valiant military might in this game, and what of the tens of thousands of oaths sworn to oppose such evils? Why all the high-minded tolerance of a bankrupt and poisonous political model, and where are the charges, arrest warrants and “frog marches” for the parade of arrogant sociopaths and useful idiots that head up the ongoing Leftist insurrection? The Left is looking for the opportunity to create their Tiananmen Square moment here, and they are propagandizing with all their might that it was January 6th. We cannot allow our great and wonderful nation to just slide into the darkness of mediocrity and depression that these people see as their holy grail. It must end.
58 people like this.

Reply 11 - Posted by: Venturer 6/19/2021 7:13:57 AM (No. 820273)
It won't hurt me. I have nothing to leave that is close to a million dollar, but it will certainly destroy a lot of family farms that have been in the family for generations.
21 people like this.

Reply 12 - Posted by: kidsmom 6/19/2021 7:28:24 AM (No. 820287)
Agreed, #3. It may be 7 million now. But what about 5 years from now, or 10? Wasn't Roe only supposed to address the 1st trimester, as awful as that is? Look where we are now. Once they get their foot in the door with their "reasonable" arguments, there's no telling where this will end up. Squash it, now.
33 people like this.

Reply 13 - Posted by: Rinktum 6/19/2021 7:30:21 AM (No. 820291)
#10, Excellent post! We are being controlled by the globalist fools who have stated that “we will own nothing and be happy.” They are working very hard to this end and those who blindly follow this heinous agenda along with those who are knowledgeable and are actively working toward it should be considered an enemy to every patriot. This is no longer just a political difference of opinion. It is individuals, on both sides of the aisle, who believe in the power of government above all else. They despise our very ethos as a nation of people who are free to pursue our God given right to live free of big government breathing down our necks. It is the worst kind of oppression that seeks to control every aspect of our lives from cradle to grave. How do we fight this kind of never ending pressure from this out of control administration? They are pushing from every direction with the hope of creating a flashpoint because they need a reason to use physical force to foment the lie that anyone who would dare oppose them are domestic terrorists. They want a fight so they can use the physical power of government against us.
22 people like this.

Reply 14 - Posted by: Oldenoughtoknowbetter 6/19/2021 7:59:25 AM (No. 820320)
We had a state park created near us because they wanted to build a dam and lake. The dam never came so it remained a park. All of the private houses were confiscated but the owners could rent them back. The state didn't maintain the houses and raised the rent. The former owners watched their beloved houses disintegrate around them and eventually moved. Low life people and drug dealers moved in.
17 people like this.

Reply 15 - Posted by: udanja99 6/19/2021 8:17:10 AM (No. 820326)
$7 million is actually not that much money these days - just take a look at the current housing market if you don’t believe that. And with inflation, it is going to be worth less and less. Not to mention that the $7 million limit will not last long - next thing we know it will be $5 million, then $3 million, then $1 million, then any amount at all. Don’t forget that Xiden has already said that the $400,000 limit for new tax hikes may be reduced to $200,000. We don’t have anywhere near that amount of money but several years ago we did put all of our assets into a trust for our daughter.
24 people like this.

Reply 16 - Posted by: raspberry 6/19/2021 8:21:17 AM (No. 820334)
Almost all of the people to be heavily taxed are Republicans. Surprise!
18 people like this.

Reply 17 - Posted by: bigfatslob 6/19/2021 8:40:01 AM (No. 820353)
"He'll take the pennies on your eyes" when you die. A Beatles song "Taxman". He'll tax the street he'll tax your feet, taxman Joe Biden is here.
19 people like this.

Reply 18 - Posted by: Ida Lou Pino 6/19/2021 8:41:17 AM (No. 820354)
I'm still steaming - - FURIOUS - - 48 years later - - over that fact that Secretariat couldn't race as a four-year-old - - because the Chenery family had to sell him to a stud farm - - in order to pay onerous death taxes. We were deprived of enjoying another year of racing - - from the "perfect horse" - - a once-in-a-lifetime gift from God - -because of communist death taxes. I still dream of the things that Secretariat could have done - - the records he could have set - - the additional miracles he could have performed - - and I nearly explode when I realize - - that it was all taken away from us by a bunch of commies!
19 people like this.

Reply 19 - Posted by: Dodge Boy 6/19/2021 8:43:05 AM (No. 820356)
#10, you put a lot of time and thought into your post and I thank you for the effort. All of the points are clear and well-presented. Very Mark Levinesque.
17 people like this.

Reply 20 - Posted by: bigfatslob 6/19/2021 8:43:59 AM (No. 820358)
It should be named, the football owners tax. There's ways around this but it shouldn't have to be. The big eyes of government are watching where the money is. Watch your 401K where much untaxed money sits.
9 people like this.

Reply 21 - Posted by: franq 6/19/2021 8:51:53 AM (No. 820365)
I guess I think too simply. My position is that there is no legal or moral reason to tax estates, gifts, or inheritances in any way. It's called freedom. Wealth that is accumulated legally in one's lifetime should be able to be passed on to whomever the owner wishes, without government interference. Any other position is just plain thievery.
22 people like this.

Reply 22 - Posted by: Speedypetey 6/19/2021 9:21:40 AM (No. 820395)
The China virus destroyed net assets in the middle class while wealth among tge oligarcha exploded. This will destroy middle class property ownership as the aires to estates will need to sell off---to the oligarchs. But many voted so there would be no mean tweets, so enjoy your destruction along with those of us that saw this coming with Obama's first two terms.
14 people like this.

Reply 23 - Posted by: Zigrid 6/19/2021 10:37:02 AM (No. 820457)
Don't underestimate Americans... they will become creative in hiding their assets...give US a challenge... and WE step up...dispersing gifts to our children before WE cross the Jordan is a great farms can be saved by upcoming generations with the stroke of a pen....I myself... took precautions when the fake news started calling him president biden...and the supremes failed US...
14 people like this.

Reply 24 - Posted by: wangbuster 6/19/2021 12:39:55 PM (No. 820572)
Would be interesting to know how each of the examples in this story voted in 2020.
3 people like this.

Reply 25 - Posted by: WimeTarmerFable 6/19/2021 1:05:17 PM (No. 820617)
The savings, 401Ks. 403Bs, pensions and Social Security are next to be confiscated. They don’t just want us destitute, they want us DEAD. That’s the fact. (We are such bothersome Patriots…)
3 people like this.

Reply 26 - Posted by: bighambone 6/19/2021 1:58:15 PM (No. 820656)
Any congressional wimpy Republicans who vote for this leftist and socialist Democrat inheritance tax proposal should be bounced out of office through the next Republican State primary elections.
1 person likes this.

Reply 27 - Posted by: pensom2 6/19/2021 2:19:23 PM (No. 820682)
Yes, under current laws, you can transfer your wealth to an intervivos revocable trust, which your children can take over as trustees when you die, with no stepped-up basis. But that's not the question, for me at least. But for how long will the federal tax laws continue to recognize your right to do that without taxing the gain from the time you acquired the asset until you transfer it to your trust? That's the question.
2 people like this.

Reply 28 - Posted by: Dodge Boy 6/19/2021 3:13:20 PM (No. 820715)
My wife and I set up revocable living trusts quite some time ago. All of our financial assets, vehicles, collectibles, and real estate are titled to the trusts. After one of us is gone, the surviving spouse acquires all assets. After the surviving spouse is gone, the marital trust becomes irrevocable and the first in line trustee (our daughter) will be tasked to divide up the assets equally and distribute to the three of our children. The main objective of setting up the trusts was to make end of life decisions ahead of time and to keep our estate out of probate court where the court has no trouble burning through a quarter to a third of the estate to cover its costs before the net proceeds are distributed to the beneficiaries. The big unknown is what tax laws will exist when the assets are distributed.
3 people like this.

Reply 29 - Posted by: franq 6/19/2021 5:08:08 PM (No. 820792)
Great, #27 and 28, but how many of us common folk have even heard of these trusts. Doesn't sound like something the average person could set up themselves, without an attorney. Maybe I'm wrong. It shouldn't be that complicated.
2 people like this.

Reply 30 - Posted by: web 6/19/2021 9:19:51 PM (No. 820940)
I've never understood why the government believes it is entitled to anything from the inheritance of a family. You work your whole life to build something you believe you can leave to your children, then the IRS come along and taxes it all away from you. What in the least did they do to earn any of it? It had already been taxed to death the whole of your life, then they tax it again. Bloodsuckers and thieves.
1 person likes this.

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34 replies
Posted by Imright 6/20/2021 5:45:43 PM Post Reply
Brad Raffensperger and his attorney Ryan Germany must be very concerned right now.We’ve reported on the corrupt and criminal results that were certified by Georgia in the 2020 Election. Most recently we discussed the report that was provided to Georgia’s Secretary of State Brad Raffensperger and yet he claimed the Georgia election was safe and secure after receiving this report showing a complete mess involving potential criminal actions.(Snip) We’ve reported in early December of the ballots in the State Farm arena in Fulton County Georgia being jammed through voting machines late at night after kicking election observers out of the Arena. President Trump warned Raffensperger
First dog Champ Biden dead at 13 34 replies
Posted by Imright 6/20/2021 4:37:44 AM Post Reply
He was the best boy in Washington. President Biden shared news that brought tears to the eyes of dog lovers across the country: “Our family lost our loving companion Champ today,” Biden tweeted. “I will miss him.”The 13-year-old German Shepherd, who Biden gifted to first lady Jill Biden after the 2008 election, and his adopted sibling Major, became instant stars after Biden’s November election victory, which promised to bring pets back to the White House.They moved in a few days after the inauguration,
Fury as New York prosecutors DROP
looting charges against hundreds arrested
during riots last summer - with Manhattan
DA 'too busy building his case against
30 replies
Posted by OhioNick 6/20/2021 2:28:57 AM Post Reply
Business owners and residents in New York City are expressing fury at the revelation that prosecutors have dropped looing and rioting charges against hundreds arrested during chaos that swept the city last summer. After 603 were arrested in Manhattan and the Bronx during the most intense days of looting last June, 295 of the cases have been dropped completely, according to NYPD data reported by WNBC-TV on Friday. Now Manhattan District Attorney Cyrus Vance Jr and Bronx DA Darcel D. Clark are facing tough questions about why hundreds walked free after the looting rampage caused an estimated tens of millions in damages.
Transgender Olympic Athlete Wants to
Win Medal So He Can Burn US Flag
29 replies
Posted by OhioNick 6/21/2021 3:30:19 PM Post Reply
And they say the Left isn't patriotic. I don't know what they're thinking. What could be more patriotic than this? [SNIP] "My goal is to win the Olympics so I can burn a US flag on the podium. This is what they focus on during a pandemic. Hurting trans children," Wolfe wrote on Facebook on March 25, 2020, along with a link to a PinkNews story about the Trump administration's stance on transgender in female athletics. Wolfe identifies as a transgender woman.
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