Harris's Death Tax: A Threat to Family Wealth
Submitted by MAGA
Posted 39 days ago
**Devastation on Inheritance: Kamala Harris’s Death Tax Proposal Threatens Family Wealth**
In what many are calling an outrageous attempt to expand government reach, Vice President Kamala Harris is advocating for a significant increase in the death tax, which would place an even heavier burden on grieving families across America.
Currently, the federal estate tax allows exemptions of approximately $13.6 million under the Trump tax cuts. However, if Harris has her way, these exemptions could dwindle dramatically, affecting an estimated doubling or tripling of families required to pay this tax upon a loved one's death.
Harris's proposal comes as the Biden administration seeks to roll back the economic progress achieved during the Trump presidency. With plans to let the Trump tax cuts expire, many families—especially small business owners—could be forced to sell their businesses just to meet the obligations of this punitive tax.
The implications of Harris’s plan extend beyond high-net-worth individuals. Small farms, family-owned businesses, and familial legacies could face obliteration. The prospect of a 40% estate tax, compounded with additional state levies ranging from 5% to 15%, means that nearly half of an inheritance could end up in the hands of the government.
This proposed tax hike echoes the sentiments of other progressive Democrats, such as Senator Elizabeth Warren, who introduced a bill that could hike the estate tax rate to as high as 65%. This legislation is a stark reminder that those advocating for increased taxation often target the very aspirations of working-class families and small business owners who have spent their lives building a future for their children.
Moreover, Harris's stance raises alarming questions about the future of family inheritances in America. It risks driving older generations to spend down their estates to avoid heavy taxation. Why would an ailing parent want to leave behind anything for their children if the government stands poised to take the lion’s share?
Former President Donald Trump has firmly pledged to uphold his tax cuts and ensure that family businesses remain intact for future generations. By advocating for death tax relief, Trump stands on the side of ordinary families striving to preserve their hard-won assets.
As voters prepare for the upcoming elections, it’s crucial to consider the long-term implications of Harris’s tax policies: a move that many see as a war on family wealth and a direct threat to the fabric of American entrepreneurship. The choice is clear—support a future that fosters family legacy and economic growth, or endorse a taxing scheme that prioritizes government coffers over hard-working American families.
Sources:
wnd.com
valuetainment.com
independentsentinel.com
In what many are calling an outrageous attempt to expand government reach, Vice President Kamala Harris is advocating for a significant increase in the death tax, which would place an even heavier burden on grieving families across America.
Currently, the federal estate tax allows exemptions of approximately $13.6 million under the Trump tax cuts. However, if Harris has her way, these exemptions could dwindle dramatically, affecting an estimated doubling or tripling of families required to pay this tax upon a loved one's death.
Harris's proposal comes as the Biden administration seeks to roll back the economic progress achieved during the Trump presidency. With plans to let the Trump tax cuts expire, many families—especially small business owners—could be forced to sell their businesses just to meet the obligations of this punitive tax.
The implications of Harris’s plan extend beyond high-net-worth individuals. Small farms, family-owned businesses, and familial legacies could face obliteration. The prospect of a 40% estate tax, compounded with additional state levies ranging from 5% to 15%, means that nearly half of an inheritance could end up in the hands of the government.
This proposed tax hike echoes the sentiments of other progressive Democrats, such as Senator Elizabeth Warren, who introduced a bill that could hike the estate tax rate to as high as 65%. This legislation is a stark reminder that those advocating for increased taxation often target the very aspirations of working-class families and small business owners who have spent their lives building a future for their children.
Moreover, Harris's stance raises alarming questions about the future of family inheritances in America. It risks driving older generations to spend down their estates to avoid heavy taxation. Why would an ailing parent want to leave behind anything for their children if the government stands poised to take the lion’s share?
Former President Donald Trump has firmly pledged to uphold his tax cuts and ensure that family businesses remain intact for future generations. By advocating for death tax relief, Trump stands on the side of ordinary families striving to preserve their hard-won assets.
As voters prepare for the upcoming elections, it’s crucial to consider the long-term implications of Harris’s tax policies: a move that many see as a war on family wealth and a direct threat to the fabric of American entrepreneurship. The choice is clear—support a future that fosters family legacy and economic growth, or endorse a taxing scheme that prioritizes government coffers over hard-working American families.
Sources:
wnd.com
valuetainment.com
independentsentinel.com
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