Thursday, June 24, 2021
A closer look at Biden's death tax
Democrats in Congress have made no secret of their desire to slip all sorts of tax hikes into the various massive legislative packages that have thus far (thankfully) remained bogged down in the Senate. They would like to see a significant increase in the gas tax to pay for the liberal wish list known as “infrastructure.” There’s also a continued push for a so-called “wealth tax” on people who are considered by the Dems’ socialist wing to have “too much money.” But one of the most controversial of these plans is the call to greatly expand the inheritance tax, more correctly known as the death tax. However, describing it as either an expansion or an increase isn’t accurate. The New York Post took a look at the plan this week and revealed that what they really want to do is create an entirely new category of taxation for the estates of the deceased, treating the transfer of assets to survivors as a capital gains event. And in the background, the existing estate taxes would remain in place. This will hit families in blue states like New York and California that are already heavily taxed with the prospect of some tax totals that are simply jaw-dropping.
Posted by wirecutter