Kamala Harris Vows Death Tax Increase
Meagan Dean
Vice President Kamala Harris is on record in support of a Death Tax hike, including plans to impose a second Death Tax by taking away stepped-up basis when parents die.
Harris’ plans to increase the Death Tax are yet another example of the candidate’s willingness to punish hardworking Americans for their success, this time punitively hitting families experiencing the death of a loved one.
Under current law, the cost basis of assets passing directly to heirs receives a “step-up” to its fair market value. Without stepped-up basis, family-owned businesses would be stranded with a massive tax on unrealized gains after the passing of the owner.
Harris has not been shy in taking ownership of Biden-Harris FY 2025 budget, noting in a March post on X that the budget plan was jointly put forward by her and President Joe Biden.
Harris’ proposal to take away stepped-up basis has already been tried, and it failed: In 1976 Congress eliminated stepped-up basis but it was so complicated and unworkable it was repealed before it took effect.
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https://townhall.com/columnists/meagan-dean/2024/09/06/kamala-harris-vows-death-tax-increase-n2644395
