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Biden's stated plan is to eliminate the "step-up" basis for inherited assets.
Now: You inherit a house from your parents that they bought for 100k and it is now worth 400k - that 400k is your cost basis. You sell it for $400k and pay zero capital gains tax.
Biden's plan: You inherit the same house and sell it for $400k - you will get hit with tax on a $300k gain.
Same with stocks or other financial assets. Inheriting and IRA or 401k? It will be worth much less under Biden after taxes.
In other words - govt. taking your money.
Did you tell Facebook? Last I heard they were banning Trump ads that said Biden is going to raise taxes.
You didn't make the gain - your parents did.. May motivate people to try to do well on their own rather than expect a big payout/inheritance from mom and dad.
Are you insane or just that petty? Parents do what they do, well, good parents anyway, so that they have that nice gift for their children in the end.
Maybe your parents screwed up or didn't find a way to do well. Why punish those who did?
What did society do to deserve that tax?
I bought a piece of land, 10 acres for 16G back in 85. I sat on it a good while as I was struggling, but had a dream. In 1993 I started building a house. Did all the work myself. (still waiting for the part where society deserves it's cut). I turned 10 acres of overgrown old pasture field into a beautiful park like yard, complete with a pond and a shooting range. You bet I want to give it to my kids. Sorry I dont know you well enough to give you anything. I sold it to my son for a dollar 3 years ago. My daughters each get a house where I live now. 2 parents who worked their entire lives for this gift to our children. Fortunately well out of reach of Biden and his Democratic friends.
My kids are motivated to do well because they had strong examples to follow. They didn't need a lesson from the likes of Hair sniffing Biden. My daughters went to college and are doing very well. My son went to a trade school and is doing very well. tell me again how this tax is really for their own good?
I wouldn't worry about it though. Someone will clue him in on how monumentally stupid it would be to do this as it would primarily hurt the Democratic base.
It was for amounts OVER 5 MILLION DOLLARS! Why can't you guys deal in reality? Do you have to live in an alternate universe because you are so scared of Orangeman getting fired?
It was for amounts OVER 5 MILLION DOLLARS! Why can't you guys deal in reality? Do you have to live in an alternate universe because you are so scared of Orangeman getting fired?
Can't find anything that set a limit on his claim.
Just an elimination of the step up in basis rule that has existed since 1921, no limit.
This plan of his, btw, uses an estimated expenditure as a prediction of future revenue, which is basically the rosiest, most optimistic number possible, and the revenue expectation is $40 billion, or what the federal government spends in about 3 days. Under any framework that could make through the House of rich old people and the Senate of rich old people, it would maybe make a quarter of that, or what the government spends about every 9-10 hours.
Given what the rich old people who would be cutting their own throats would get in return...there is no freaking way it would ever make it into law, not without at least a few dozen different ways built in to the law to avoid it.
Doesnt bother those of us who aren't inherited and given everything by their rich parents. Some people have to actually WORK for what they get.
you don't get it..,.you really are clueless
your parents bought a house for 100k and it is now worth 400k -
your parents die
You take your now dead parents house and unload it for $400k - you will get hit with a 55% tax on a $300k gain.
IOW--you are getting screwed...not because it is an inheritance ..but because the government wants ALL YOUR ASSETS...your are losing...cant call it an inheritance, when it is a LOSS of your own assets
It was for amounts OVER 5 MILLION DOLLARS! Why can't you guys deal in reality? Do you have to live in an alternate universe because you are so scared of Orangeman getting fired?
Well I detest Trump, never voted for him and will never vote for him... What I go by is a demonstrated record. Never trust a democrat when it comes to tax and spend. They always hammer the middle class the most. Just like they did with the ACA. Yes the SCOTUS protected it as a tax.
Going after capital gains. Fine, start at the top. While taxing people. Tax themselves based upon the value of their lease car the tax payer pays for. Tax that benefit. Tax all of their perks. Funny how the richest people in DC are democrats and they dont seem to find the votes to raise taxes on their own in any meaningful way. That's why I dont trust Biden. He had 47 years to do something, and he did. He made himself rich.
Doesnt bother those of us who aren't inherited and given everything by their rich parents. Some people have to actually WORK for what they get.
And after you work your whole life and want to give the fruits of you labor to your children, the government steps in and takes it. Perhaps you should start thinking beyond 3 days from now.
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