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Downsizing homes when you get older and giving your children tax free gifts may help, however I don't agree in heavily taxing the efforts of hard working people.
The rich won't be touched by any of this, as they will have all kinds of financial advisers and tax specialists and they have investments hidden away overseas, as well as company assets.
So this is really a tax on the middle classes.
Crippling the middle class is a big part of the globalist agenda. The middle class is holding on to wealth that rightfully(in their minds) belongs to the elites. Look at countries like Brazil, Mexico or China and one thing they have in common is a large lower class in crippling poverty, a small elite class living in lavish luxury and very few people in between. This is the natural state of things. Who do these upstart middle class people with their moderately comfortable lifestyles and modest nest eggs thing they are? They are commoners with delusions of adequacy who must be disabused of their fanciful notions.
This new tax on inheritance is just another example of the Left's war on the Middle Class.
No, middle class isn't impacted. Biden's plan exempts the first $3.5 million per individual and $7 million for married couples. He's targeting uber wealthy, not middle class.
Crippling the middle class is a big part of the globalist agenda. The middle class is holding on to wealth that rightfully(in their minds) belongs to the elites. Look at countries like Brazil, Mexico or China and one thing they have in common is a large lower class in crippling poverty, a small elite class living in lavish luxury and very few people in between. This is the natural state of things. Who do these upstart middle class people with their moderately comfortable lifestyles and modest nest eggs thing they are? They are commoners with delusions of adequacy who must be disabused of their fanciful notions.
And yet the left say they are against this, whilst doing everything they can to assure it happens.
So from what I have gathered -- this new tax would only really impact the 1%. Not sure why folks think middle class is going to be impacted.
I found this article easy to read and gives more info....for those that are curious.
https://www.forbes.com/advisor/taxes...asis/Repealing step-up in basis has been making the rounds of think tanks in recent years. Like many wonky ideas on Capitol Hill, it has made precious little progress toward becoming law. The paperwork bedlam and the potential impact on people who might not look wealthy are major hurdles.
How does this affect you!? When your parents pass and leave you the family house normally you would inherit that property at what it is worth today. If you were to sell that house you would only pay taxes on the gain from what it is worth today and what it sells for. If China Joe does away with "stepped up basis" you will inherit the property for what your parents paid for the property. If you decide to sell you will pay taxes on the difference between the original purchase price and what it sells for today. Our kids need to be aware. Here is what this looks like! Current Policy Inherited House at Current Value - $200,000 Sells for $205,000 Taxable income = $5000 Taxes Due - 20% of $5000 = $1000 Profit to you = $204,000 Biden Policy Inherited House at original purchase price - $40,000 Sells for $205,000 Taxable income = $165,000 Taxes Due - 20% of $165,000 = $33,000 Profit to you = $172,000 If your parent were to have sold this property prior to passing they would have paid no taxes because it was their primary residence. So much for helping the middle class get ahead.
But half our fellow idiotic citizens voted for this...buon appetito for the next four years!
Do you have a link to his proposal.
You may have described things 100% correctly but well...this forum has a track record of sorta presenting things accurately, but not fully and one would be foolish to just take a post like this as accurate when the target is the other party D or R.
You may have described things 100% correctly but well...this forum has a track record of sorta presenting things accurately, but not fully and one would be foolish to just take a post like this as accurate when the target is the other party D or R.
Reduction of lifetime exemption: Biden has proposed for the estate and gift tax lifetime exemptions to return to year 2009 levels which are $3.5 million estate and $1 million gift
***^^^Per individual. Double the exemption for married couples
No. Wrong. If your parents just gifted you their house before they died, your cost basis would still be the price THEY paid for it. Your money has nothing to do with it. After tax has nothing to do with it. This was a weird loophole Joe is fortunately closing.
oooo...I see you've been reading the leftist talking points..."loop hole".
I see that the OP is doing his daily RW propaganda dump.
Truth always hurts regarding China Joe!
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