- Sep 8, 2014
Amongst those 10 that is about 60 BIL. Isn't that like someone giving me about 7 cents and telling me to put that towards my credit card bills?
I think this is just a first, necessary step - they go after the 'evil rich' first, get the American public bought in.....then they go after millionaires.....then they implement the "French model", a tiered system, where anyone with personal "wealth" pays a "wealth tax" (the French model starts around $250k). This may take many years to get to the end goal, but this is the end goal. Blue states already do this with cars/autos/boats/RV's, etc.
Latest tax proposals....still targeting those evil "rich people":
Democrats seek new tax on America's richest while scaling down other hikes
I hope the Mitch can keep the estate taxes at current rates at worst.
Stop Biden's Double Death Tax | CNSNews
President Joe Biden has other ideas; at the heart of his budget is a new, second “double” death tax with an effective rate of 43.4 percent on the appreciated value of assets held by an owner following their death. This new double death tax is in addition to, not instead of, the estate tax. And with only a proposed $1 million exemption, it would hit all income levels as vast numbers of small businesses, family enterprises, and farms may be hold assets (land, buildings, machinery, etc.), but are often cash poor or even in debt.
Yep - both of your concerns are an issue. I know the "average" American doesn't have to worry about much more than $1 million in estate tax issue - but in this day and age of 401k's, most people in the next 10 years or so will retire as "401k millionaires". The whole idea of an estate tax to me is bullsh*t (because it's money that's already been taxed) but it's something that will never go away (because of Democrats). So if it has to exist, it needs to be a minimum of $5 million - or not include 401k's.
The capital gains tax will impact anyone who trades and/or has real estate transactions. 25% is bullsh*t too, because they don't let you write off that much in losses.
My wife and her sisters inherited 400 acres in Central FL from their father. Currently the property is in a trust, but I hope somebody makes an offer they would be crazy to refuse.
Sadly this will impact so many families across America that own family businesses and farms. Many will have to fire sale the property just to afford the taxes in the first year after they inherit it.
What's to stop the county appraiser from saying your house is now worth 1 million? Or why stop there.... 10 million!?