Here is something no one in the press is reporting as Vice President Harris ducks and weaves 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 Ms. Harris has declared she will let the Trump tax cut expire next year if she becomes president.
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Yet 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.”
Ms. Harris wants this to happen. She wants to soak the millionaires and billionaires. Only 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 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.
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How is that fair?
Just wait. It gets worse.
Senator 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 percent to 65 percent, 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, Ms. Harris thinks this is a swell idea.
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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, President 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.
* Original Article:
https://www.nysun.com/article/talk-about-the-grim-reaper-harriss-plans-will-triple-number-of-americans-subject-to-estate-tax