You Americans are gone shafted like the rest of us are in Europe , dry without lube ,
You're gonna pay taxes like you aint never dreamed before and what you gonna get in return your already seeing it happen in front of your eyes (border etc..)
Here's the next little surprise awaiting you....
An America where your kids can't afford to keep your money: Middle income families' disgust with *****'s 'twisted' 'death tax' that would force many to sell their inheritance to pay the bill
The harsh new tax - dubbed *****'s 'death tax' - is hidden in his American Families Plan and it's receiving ferocious backlash. It proposes that when someone dies, any asset they leave behind that has appreciated in value by more than $1million since the time they bought it should be taxed.
The tax rate would go as high as 40% - double what it is now - and it applies to how much the asset has appreciate. So someone who inherited a house their mother and father paid $250,000 for but that's now worth $2.5million would have to pay tax on the difference.
Currently, the only capital gains taxes people pay on inherited assets is what they pay when they sell it, and even then it is 23 percent.
The current law allows families with few cash assets to keep valuable property, stocks or businesses in the family, passing them down for generations without anyone being given a huge tax bill.
Previously, the only people who had to pay tax when they inherited money or assets were those who inherited $11.7million or more because they would be liable for an estate tax. That still has to be paid - so those heirs would pay a death tax twice.
But the proposed change to the capital gains widens the net drastically - a recent survey found there are at least 3million homes across America worth at least $1million.
Under *****'s plan, death tax wouldn't just be for the super wealthy but also people whose parents or grandparents worked their whole lives to make shrewd investments - and never thought they'd have to share the reward with Uncle Sam.
'WE WORKED OUR WHOLE LIVES TO BUILD A HOME WE COULD LEAVE TO OUR KIDS - NOW THEY MIGHT NOT BE ABLE TO AFFORD TO KEEP IT'
Judi Desiderio, 63, is the CEO of Town & Country Real Estate in Long Island. She and her husband bought a vacant lot of land in East Hampton, Long Island, in 2000 for $550,000.
They spent several years building the property and it's now worth an estimated $6million.
They plan to retire there and eventually leave the home to their two adult sons - aged 27 and 34 - but she now worries they'll have to sell it to be able to pay *****'s tax bill, if it becomes law.
'This affects homeowners all over New York and Long Island - it is not a high threshold,' she said.
She's also worried about how much the property will be worth by the children inherit it.
'We bought the lot in 2000 for just over $500,000 and we spent a lot of time and money building it. Now, it's worth around $6million.
Our two sons will inherit it with their families but they’ll have no choice but to sell it if by the time I drop dead, when that does happen – 20 years from now, let's hope. And I cant imagine how much more it’s going to be [worth] by then.
'It’s a money grab. It’s punishing people and families that want to keep their family house in the family
'If they get slammed with the taxes – let’s say in 20 years it’s worth $18 million... the government may look just at the $550,00 we paid for the lot and then the kids will have no alternative but to sell the house they grew up in to meet the tax.
'It’s a money grab. It’s punishing people and families that want to keep their family house in the family.
'It’ll make it impossible for the next generation.
'When you look at land values anywhere on Long Island and New York – people bought apartments for a couple hundred thousand, now they’re worth millions.
'It's crazy to think that the next generation can pay that bill.
'It's just unfair, especially considering every penny earned to get to this point we've already paid taxes on,' she said.
You're gonna pay taxes like you aint never dreamed before and what you gonna get in return your already seeing it happen in front of your eyes (border etc..)
Here's the next little surprise awaiting you....
An America where your kids can't afford to keep your money: Middle income families' disgust with *****'s 'twisted' 'death tax' that would force many to sell their inheritance to pay the bill
- *****'s 'death tax' would impose capital gains of $1million or more after someone dies
- There are more than 3million homes nationally worth at least $1 million and the number continues to rise
- The person who inherits it would have to pay 40% of the increase of the asset's value from when it was purchased to when they received it
- It does not just apply to property - it applies to stocks and other assets, including businesses
- The ***** administration promised protections for businesses and farms but none have been confirmed
- Families who sc****d to buy property in the 60s, 70s, and 80s, would be knee-capped by the proposal
- It means their kids would have to pay hundreds of thousands to the government just because the property is now worth more
- Some say it would force the kids to sell what they inherit just to be able to pay the tax on it - a 'twisted' and 'disgusting' result of a lifetime of work
- The threshold so low it could wipe out family businesses along with farmland - which has escalated in value
- The proposal is part of *****'s American Families Plan which Congress is yet to vote on
The harsh new tax - dubbed *****'s 'death tax' - is hidden in his American Families Plan and it's receiving ferocious backlash. It proposes that when someone dies, any asset they leave behind that has appreciated in value by more than $1million since the time they bought it should be taxed.
The tax rate would go as high as 40% - double what it is now - and it applies to how much the asset has appreciate. So someone who inherited a house their mother and father paid $250,000 for but that's now worth $2.5million would have to pay tax on the difference.
Currently, the only capital gains taxes people pay on inherited assets is what they pay when they sell it, and even then it is 23 percent.
The current law allows families with few cash assets to keep valuable property, stocks or businesses in the family, passing them down for generations without anyone being given a huge tax bill.
Previously, the only people who had to pay tax when they inherited money or assets were those who inherited $11.7million or more because they would be liable for an estate tax. That still has to be paid - so those heirs would pay a death tax twice.
But the proposed change to the capital gains widens the net drastically - a recent survey found there are at least 3million homes across America worth at least $1million.
Under *****'s plan, death tax wouldn't just be for the super wealthy but also people whose parents or grandparents worked their whole lives to make shrewd investments - and never thought they'd have to share the reward with Uncle Sam.
'WE WORKED OUR WHOLE LIVES TO BUILD A HOME WE COULD LEAVE TO OUR KIDS - NOW THEY MIGHT NOT BE ABLE TO AFFORD TO KEEP IT'
Judi Desiderio, 63, is the CEO of Town & Country Real Estate in Long Island. She and her husband bought a vacant lot of land in East Hampton, Long Island, in 2000 for $550,000.
They spent several years building the property and it's now worth an estimated $6million.
They plan to retire there and eventually leave the home to their two adult sons - aged 27 and 34 - but she now worries they'll have to sell it to be able to pay *****'s tax bill, if it becomes law.
'This affects homeowners all over New York and Long Island - it is not a high threshold,' she said.
She's also worried about how much the property will be worth by the children inherit it.
'We bought the lot in 2000 for just over $500,000 and we spent a lot of time and money building it. Now, it's worth around $6million.
Our two sons will inherit it with their families but they’ll have no choice but to sell it if by the time I drop dead, when that does happen – 20 years from now, let's hope. And I cant imagine how much more it’s going to be [worth] by then.
'It’s a money grab. It’s punishing people and families that want to keep their family house in the family
'If they get slammed with the taxes – let’s say in 20 years it’s worth $18 million... the government may look just at the $550,00 we paid for the lot and then the kids will have no alternative but to sell the house they grew up in to meet the tax.
'It’s a money grab. It’s punishing people and families that want to keep their family house in the family.
'It’ll make it impossible for the next generation.
'When you look at land values anywhere on Long Island and New York – people bought apartments for a couple hundred thousand, now they’re worth millions.
'It's crazy to think that the next generation can pay that bill.
'It's just unfair, especially considering every penny earned to get to this point we've already paid taxes on,' she said.
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