Tax and spend, spend and tax seem to be the mantra of the followers of the toxic liberal progressive agenda of the Left. Our documented history has proven that philosophy is a negative not a positive. It is demonstrated statistically and factually in modern history that the lower the overall tax rate the more money is in the federal coffers. With lower taxes, more federal revenue, and less spending we could actually balance the budget and pay down the national debt, even microscopically.
The current administration is led by a man who has spent his entire adult life in politics with no clue as to how the working world operates or businesses are impacted by undue regulations and exorbitant taxes. This man is hell-bent on resurrecting, restructuring, and expanding the diabolical ‘death tax.’ Most Americans, even those who do not have a fortune do like the idea of that kind of double taxation. Taxing someone’s wealth after they have passed from this life is, in my view, stealing from the family of the deceased. I find that incredibly distasteful.
Before someone assumes that I have the kind of wealth to warrant personal concern over that tax, I do not! That does not mean I cannot decide as to whether or not I think a tax or an idea is good or bad. When the report is that the ‘death tax’ has dropped from 55% to 40% (still exorbitant) one would think they would be satisfied to get money twice. What kind of insensitive and unfeeling bureaucrat would want an action that, at times, bankrupts the family of the deceased. Their family property is forced to be sold to pay the tax. That is wrong!
The Biden administration is not satisfied with the current rate of the ‘death tax’, assessed on the estate. He wants to add a new tax on the deceased’s last 1040 personal-income-tax return. This new, second tax would apply to tens of millions of Americans. You may think, no big deal, but let me detail it just a tiny bit and then you decide.
Under the administration’s plan, the year someone died, all of their unrealized capital gains (gains on unsold real estate, family farms and businesses, stocks and other investments, artwork, collectibles, etc.) would be subject to taxation as if the assets in question had been sold that year. The first $1 million of unrealized gains ($2 million in the case of a married couple) would be exempt from the new tax. In addition, up to a certain point ($500,000 for a married couple, half that for others) gains derived from the sale of a primary residence would be exempted. Finally, the administration has said in the vaguest terms that “going concerns” in family farms and businesses would be exempt, but no one knows how that would work or believes it is anything more than politically expedient hand-waving.
The gross unfairness of that plan is that no one owes taxes on the growth until it is sold. To add insult to injury they are proposing raising the top tax rate on long-term capital gains from 23.8% to 43.4%, which is not chicken feed. That would be the highest capital gains tax in the world and American history. Forward to the past, right Joe?
Sadly, it does not end there. After they tax these unrealized, unsold, phantom gains then the estate would be subject to the new 50% double death tax, because there is still the old ‘death tax’ to contend with. Think about that, a 50% ‘death tax’ followed by a 40% ‘death tax’ on what you have left. Karl Marx would be extremely proud of these totalitarian confiscations.
America, if you thought this was just another political cycle that we could endure you might want to reassess your opinion. If this kind of taxation and confiscation is allowed to continue, the right of personal property will become like the fabled ‘dodo bird’ and become extinct.
It has taken a short few months for the Biden administration to destroy the gains we enjoyed under the previous administration when the Free Market was allowed to function as designed. We are being told that everything is rosy but just because you put lipstick on a pig does not mean it is not still a pig. The experts anticipated that the DDP would grow by 8.5% in the second quarter, but it only managed 6.5% and has been revised down to 6.3%. That does not sound like growth and the tax plans and the insane spending being pursued will further destroy our economy.
The FED revealed that the stimulus provided almost no bank for the buck. The economy has diminished as it faces the unexpected supply constraints arising from the misguided actions of the Biden administration and the Democrats controlling Congress. Inflation is rising and dangerously near hyper-inflation and that would be catastrophic on every sector of our economy and destructive to the working class. The Federal Reserve has bumped its preferred inflation measure to 3.4% annual growth, the fastest since 1992.
The hypocrisy of the administration and the Left regarding Green Energy and Climate Change or whatever it is being called grows daily. John Kerry’s family jet has already emitted 30 times the amount of carbon emitted by the typical passenger vehicle per year. I must ask, “If climate is such an immediate and existential crisis, how or why would John Kerry and the rest of the political elitists fly their jets and live in the oceanside mansions in places like Martha’s Vineyard?”
Joe Biden has announced that he wants to “make half of all new vehicles sold in 2030 zero-emissions vehicles, including battery-electric, plug-in hybrid elect, or fuel cell electric vehicles.” The infrastructure deal was loaded with Green Energy, Climate Change bundles of cash further jeopardizing our fossil fuel industry and our economy.
We have turned the management of the government over to those who have no idea how to run a business or manage a household budget. They see the American worker and businesses as an endless source of money to continue their lunacy. Unless we wake up, we will find ourselves taxed to the point that no one will be willing to work or invest. That will be when the proverbial overweight lady with a helmet of horns begins to sing. Turn out the lights, wait what lights? The party has long been over by that time.
Wake up America and let’s unite, return to our moral moorings and to God and oust the political ruling class and reclaim our Republic! It is truly up to us!
God bless you and God bless America!