“Double Death Tax”: Joe Biden Wants to Tax Your Dead Body
by Collin Rugg
about 2 hours ago
For decades, the Democrat “death tax” has been greatly frowned upon by Republicans and the American people. Most Americans hate the concept of taxing someone’s wealth after they have died however this has not stopped Democrats from gouging money from a deceased person’s family.
National Review reports that the death tax has dropped from 55% to 40% this century however it now appears that the Biden administration wants more.
You heard that right: The Biden administration wants to tax you or your loved one’s dead body.
Read the report from the National Review below:
Yet now, the “norms restoring” Biden administration is attempting to double down, by creating a new, parallel death tax to go alongside the old one no one likes.
The Biden administration proposes that on top of the old death tax, which is assessed on estates, the federal government should 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.
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’s anything more than politically expedient hand-waving.
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