Kamala Harris’ Tax Plan Threatens American Family Legacies
Submitted by MAGA
Posted 35 days ago
**Taxation Nightmares Await Under Kamala Harris' Plan**
As the 2024 election season heats up, Vice President Kamala Harris is pushing a tax agenda that could have disastrous consequences for American families and small businesses.
In her latest proposal, Harris has indicated her support for doubling or even tripling the number of Americans who would be subjected to the burdensome death tax, a move that could cripple family legacies across the nation.
Currently, under the Trump tax cuts, estates valued up to approximately $13.6 million are exempt from federal estate taxes. However, Harris has suggested allowing these cuts to expire, which would revert the estate exemption to just $5 million starting in 2026. This means that countless families could see significant portions of their inheritance vanish upon a loved one’s passing, merely to satisfy the government’s insatiable appetite for taxation.
Many of those impacted by this proposed scheme are not the ultra-wealthy but rather hardworking Americans who have built small businesses, farms, and family homes over decades. With a 40% federal estate tax rate, plus additional state taxes, families could be forced to liquidate their assets just to settle tax bills.
Moreover, Senator Elizabeth Warren is taking things even further with a new proposal that could hike the estate tax rates to as high as 65% while dramatically lowering exemptions. For Americans already facing high living costs, this is nothing short of a confiscation of family wealth.
Critics argue that such policies serve to undermine the American dream, punishing those who work hard and save to pass something on to their children. The reality is stark: if Harris and her allies succeed, the United States could soon hold the title of having the highest death tax in the world, surpassing even the most heavily taxed nations.
The impact of these tax increases would be felt deeply across the economy. Family-run businesses would struggle to survive, and the incentive to maintain wealth would diminish significantly. Instead of fostering growth and investment, such policies would encourage individuals to spend down their assets, creating a new reality where older Americans are incentivized to die broke rather than leave anything behind.
In contrast, former President Donald Trump has pledged to make the current estate tax exemptions permanent, providing certainty and relief to families looking to preserve their legacies.
As Election Day approaches, voters must consider the implications of Harris’ proposed tax policies. The choice is clear: support a system that respects and preserves hard-earned family wealth, or face an uncertain future filled with oppressive tax burdens.
Sources:
twitchy.com
hotair.com
redstate.com
As the 2024 election season heats up, Vice President Kamala Harris is pushing a tax agenda that could have disastrous consequences for American families and small businesses.
In her latest proposal, Harris has indicated her support for doubling or even tripling the number of Americans who would be subjected to the burdensome death tax, a move that could cripple family legacies across the nation.
Currently, under the Trump tax cuts, estates valued up to approximately $13.6 million are exempt from federal estate taxes. However, Harris has suggested allowing these cuts to expire, which would revert the estate exemption to just $5 million starting in 2026. This means that countless families could see significant portions of their inheritance vanish upon a loved one’s passing, merely to satisfy the government’s insatiable appetite for taxation.
Many of those impacted by this proposed scheme are not the ultra-wealthy but rather hardworking Americans who have built small businesses, farms, and family homes over decades. With a 40% federal estate tax rate, plus additional state taxes, families could be forced to liquidate their assets just to settle tax bills.
Moreover, Senator Elizabeth Warren is taking things even further with a new proposal that could hike the estate tax rates to as high as 65% while dramatically lowering exemptions. For Americans already facing high living costs, this is nothing short of a confiscation of family wealth.
Critics argue that such policies serve to undermine the American dream, punishing those who work hard and save to pass something on to their children. The reality is stark: if Harris and her allies succeed, the United States could soon hold the title of having the highest death tax in the world, surpassing even the most heavily taxed nations.
The impact of these tax increases would be felt deeply across the economy. Family-run businesses would struggle to survive, and the incentive to maintain wealth would diminish significantly. Instead of fostering growth and investment, such policies would encourage individuals to spend down their assets, creating a new reality where older Americans are incentivized to die broke rather than leave anything behind.
In contrast, former President Donald Trump has pledged to make the current estate tax exemptions permanent, providing certainty and relief to families looking to preserve their legacies.
As Election Day approaches, voters must consider the implications of Harris’ proposed tax policies. The choice is clear: support a system that respects and preserves hard-earned family wealth, or face an uncertain future filled with oppressive tax burdens.
Sources:
twitchy.com
hotair.com
redstate.com
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