LINK

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

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.

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 $1 million since the time they bought it should be taxed.

The tax rate would go as high as 40% - double what it is now - and it applies to how much the asset has appreciate. So someone who inherited a house their mother and father paid $250,000 for but that's now worth $2.5million would have to pay tax on the difference.

Currently, the only capital gains taxes people pay on inherited assets is what they pay when they sell it, and even then it is 23 percent.

The current law allows families with few cash assets to keep valuable property, stocks or businesses in the family, passing them down for generations without anyone being given a huge tax bill.

Previously, the only people who had to pay tax when they inherited money or assets were those who inherited $11.7million or more because they would be liable for an estate tax. That still has to be paid - so those heirs would pay a death tax twice.

But the proposed change to the capital gains widens the net drastically - a recent survey found there are at least 3 million homes across America worth at least $1 million.

Under Biden's plan, death tax wouldn't just be for the super wealthy but also people whose parents or grandparents worked their whole lives to make shrewd investments - and never thought they'd have to share the reward with Uncle Sam.

...