Tax experts slam Biden's mess of a 'double death' tax that will make bereaved families pay TWICE, wipe out value of inherited properties and 'crush' small businesses and farms - but it won't impact his Delaware homes
President Biden plans to fund ambitious spending programs with hike in estate taxes targeted at rich
Tax experts warned that the middle class will be badly affected by changes
It could mean family assets, such as homes, businesses and farms, have to be sold to meet capital gains bills
Republicans have asked for assurances that family farms will be protected
By Rob Crilly, Senior U.S. Political Reporter For Dailymail.Com
Published: 16:28 EDT, 17 June 2021 | Updated: 16:28 EDT, 17 June 2021
The Biden administration's plan to hike the inheritance tax bill for wealthy Americans will snare the middle class, farmers and family businesses in a double taxation dragnet to finance its massive spending plans, according to tax experts.
President Joe Biden’s vast expansion of social spending programs will be funded in part by ending 'step-up in basis,' a provision which protects estates from capital gains tax at death.
Biden says the aim is to close a loophole that allows rich families to pass wealth from generation to generation.
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https://www.dailymail.co.uk/news/article-9697587/Tax-experts-slam-Bidens-mess-double-death-tax-make-bereaved-families-pay-TWICE.html