Washington, DC – During President Biden’s address to a joint session of Congress last night, he proposed that Congress take up the administration’s recently proposed American Families Plan, which includes the creation of a new higher capital gains rate (over 40%) and a new capital gains tax due at death. This second death tax comes in addition to the current federal estate tax, which could make total liabilities for top taxpayers hoping to pass on a family farm or business well over 60%.
AMAC Action and other small business associations are urging Congress not to take up this part of what has been called the American Family Plan, which President Biden will introduce tonight during his address.
AMAC Action President Bob Carlstrom said: “The creation of a new capital gains tax due at death could hit multigenerational family business owners at the worst possible time. It turns out that many of the taxes focused on the so-called wealthy proposed by Congressional Democrats will actually end up affecting the middle class and small family businesses. AMAC Action, together with other small business and advocacy organizations, is urging lawmakers to oppose the new capital gains tax due at death. Congress should be focused on ways to help small businesses keep their workers employed as the country works through this pandemic, rather than on coming up with new ways to tax them upon the death of a business owner.”
Americans for Tax Reform recalled a New York Times post on a previous attempt by Congress to change what is called “step up in basis” laws. From their blog on the subject available here:
As noted in a July 3, 1979, New York Times article, it was “impossibly unworkable”:
However, almost immediately, the new law touched off a flood of complaints as unfair and impossibly unworkable. So many, in fact, that last year Congress retroactively delayed the law’s effective date until 1980 while it struggled again with the issue.
As noted by the NYT, intense voter blowback ensued:
Not only were there protests from people who expected the tax to fall on them — family businesses and farms, in particular — bankers and estate lawyers also complained that the rule was a nightmare of paperwork.
The Biden administration has indicated that they may not seek changes to the current estate tax but are considering higher capital gains taxes, including those due at death. So while they may not propose hiking the death tax in the traditional sense, a second death tax in the form of capital gains at death will be proposed, and the issue of “step up in basis” is on the table as well.
AMAC Action will continue to monitor any efforts to roll back the 2017 Tax Cuts, and Jobs Act changes. As of now, no meaningful changes to the death tax have become law. President Trump’s signature tax bill, “The Tax Cuts and Jobs Act,” still remains the law of the land. Still, Congress is gearing up to consider a number of tax changes this summer to fund infrastructure and the priorities that President Biden will lay out tonight, including, as is being reported: a universal preschool program and two years of tuition-free community college. Please stay tuned for more updates as Congress debates which legislative proposals to move forward with this year.
It is getting so rediculious. Give and give and give to immigrants crossing our borders but take away everything from US citizens. Take away and make the poor business owners pay and pay and pay to the point that they cant continue to run their business and make any kind of profit, but give to illegal immigrant. What happened to taking v=care of our own. Vets, Homeless, Poor and elderly? Sickening what the Democrats are trying to do . Control us all. Sickening.
As a middle class citizen, I’m tired of getting kicked in the ass with all the nonsense happening with Biden and his pagan cohorts. Keep prayin’ Reps!
I guess it’s only appropriate for a “dead man walking” to propose a “death” tax. You can fight this! Show the Dems… Just NEVER die! ‘Cause if you do, you’ll end up VOTING Democrat anyway! These Biden decrees are getting really old and more annoying, but HEY! He’s uniting the country…
He is as bad as nancy and chucky.
Do you notice that the democrat liars are quick to tax and steal OUR families accumulated wealth, but they always exempt themselves and become wealthy through corruption and never give up their families wealth.
Think jobama,obama ,hillary,schumer,Hillary,,, etc.
These people are evil liars.
In the famous words of the socialist in chief BO, ” You didn’t build that business”. Please tax us more so the goofballs in Congress can give it all away (enter large flushing sound) to their various friends, their various pet giveaway “green” projects, and to their communist pals around the globe. You know, the same people that want to destroy us. Sounds like a great plan. Way to represent us.
If you require additional funds, I recommend increasing membership dues and concentrating on acquiring new members. Everyone has their hands out for our Social Security dollars in donations, in addition to price increases everywhere. I joined because I thought you were the good guys and were involved in making our seniority easier and more financially positive. I may not renew my membership next time…
If you have property and do not expect to move and are elderly, go ahead and give it to your kids NOW…with the stipulation in the deed that you can live there as long as you wish …. then when you die, you don’t have anything to allow the government to tax. There are always loop holes in anything.
It amazes me that some people still believe that government is giving you something free – the only $$$ they have is taken from working American Citizens!!!
The democrats are stealing and spending OUR money!!!
Useless , corrupt democrats, they either lie, tax or steal from the Citizens of America.
When will their uninformed supporters wake up?
Do you recognize they are lying to you too???
This is ridiculous. The death tax was one of the most heartless things to a person who has just lost a loved one. During Mr. Trump’s presidency, it was finally done away with. Now this jackass some people call president is making a new death tax. And most of my fellow Americans sit there with their thumbs up their asses saying; What can we do about it. The death tax doesn’t benefit anyone but these corrupt politicians.
Now they will tax you when you die. Ridiculous
This president and his cronies are destroying the United States of America and it is disgusting. Taxes, taxes, taxes. Pretty soon this government will be taking all of our income. I am so for term limits, congress cannot vote on their wages and benefits, you do not receive a lifetime pension for working two terms in your position. These positions were not meant to be a “job”. There should be a cap on the amount of money a candidate can raise for his/her campaign. No outside of state donations to a campaign. There should be no free college.I paid for my own college and because of it I was able to get a good job and that it why you go to college? So get of your asses and go to college or find the job you really like. Stop asking everything for free. Get off welfare and pay your way. There is nothing in this world that your are entitled to.
That idiot is taxing everyone to get money, even the dead. Why not the dead voted for him.
The Democrats really believe that every dollar that we have earned belongs to them and that we should be grateful they allow us to keep and use any small part of it. That is the big government mentality, and they use the money they steal from us to buy votes by redistributing whatever wealth we have to others, often including themselves. It is the most fundamental difference between liberals and conservatives. A truly great quote by an outstanding economist, Dr. Thomas Sowell, was: “What is your fair share of what someone else has worked for?” Biden would incorrectly answer “All of it”. This administration has proven in just 100 days to be the most corrupt and immoral in my 77 years. They are truly evil.
The only solution to the quagmire that is our Federal government is TERM LIMITS. We must get rid of all these career politicians and get back to true representation
Republicans won’t ever win anything again until Dominion Vote Tabulating machines are relegated to the dust bin of history, and all such contraptions are outlawed from the process. That means, IMO, Republicans must control both houses of Congress plus the White House before the 2022 mid-terms. Give that some thought. #SaveAmerica
The Dim’s have never met a tax they didn’t LOVE…
Isn’t a death tax a violation of the 4th amendment? It is an unreasonable seizure of private property.
Sniff the air and you will see a bigger stink coming from this hypocritcal deceiving lying administration. Flip flop Joe and his merry band of stupids. Democrats campaign plan is yo watch my left hand while I pick pocket you with my right hand
No surprise here, another more blatant money grab by the corrupt communist biden harris failures!
These traitors,along with their co- conspirators in Congress MUST be removed!!!
2022 is the reckoning for ANY politician who is against freedom,OUR Constitution, and continues fleecing the Real Citizens and taxpayers!
ENOUGH , We the People WILL remove this scourge on America!
So Joey boy, FYI 401k accounts and Citizens families accumulated wealth are NOT yours to tax and WASTE!
A death tax? This means BIDEN should go broke he’s nothing more then a walking CORPS!!!
The pseudo president, dirty Joe Biden, and his regime are equivalent to Al Capone gangsters. With a new socialist racket of the week. It’s apparent that this regime must be removed by the sword from the American people. We are beginning to look like Venezuela with the immoral corrupt thugs who stole this country with a rigged election. Hunter Biden a crack-head criminal is enjoying himself because the injustice department, FBI, and the clown supreme court are in collusion with this foul corrupt government under the titular President Father Biden who aided his worthless son in shady deals.
Death tax? Are they going to tax abortions? Murder? Is this what cuomo was doing in nursing homes? With all the deaths they cause this will generate A LOT OF TAX REVENUE!!
It is my Opinion, that this is an oversight-overreach situation, of tax without representation. and simply having the tax payer (Lower and Middle class) eradication, and the illegal act tyranny perpetrated by the Democrat Luciferians to cover their attempt to bankrupt the Nation, and flip it into a communist dictatorship as Obama the dictator has had planned all along, (since 2009).
More lies from the Senile One and his handlers. “No tax increase for anyone earning under $400,000.” LIE! Millions of American have capital gains and earn under $400,00! Plus, there’s NO WAY joe can get 6 trillion just from people earning over $400,00 anyway!
This administration doesn’t want anyone to be able to pass along wealth. Work hard, save, invest, and have the government steal it anyway.
I am really quite upset that you did not specify that in the Biden proposal this “second death tax” and possibly others would only apply to incomes over $1million! I am not saying it is the right thing to do. I don’t like any tax increases. But I am saying I look to AMAC for ACCURATE coverage of the news and leaving off this very important distinction put me into a VERY embarrassing spot. Now I can’t even count on AMAC news stories as being accurate, and will have to double check everything I read from you!
I think that any new taxes should apply to Democrats only, since they are they are the ones who support them.
Taxes were established in 1913 and started out as a voluntary tax. Well something happened and an end around happened, Clinton established taxing social security with Al Gore being the one that broke the tie vote so 15% tax on social security happened in the 90’s and has prevailed ever since. Social Security payment was already taxed so again greed by government pinching money from people that relies solely on that money to live. The death tax has always been a tax that hurts families who own small business, family farms and over the last few years we actually got a little relief by raising the threshold one can keep before the tax hits. Now with Biden obviously going after what he says is the rich they want to lower the threshold and again make it impossible to pass a business to the survivors. The Democrats make no bones about being a Communist entity now and don’t give a hoot how you live as long as they get their large cut for doing nothing to make wealth only to hurt the wealthy which always seem to hurt the poor with unintended consequences.
How’s this suggestion??? New taxes should only apply to Presidents, presidents, politicians, polluters, poohbahs, pharaohs, philistines, and their partners and paramours… In other words…
all parasites infested with GREED and part of the swamp..
All I can say that really covers it all is … I didn’t vote for Hiden Biden as POTUS for several good reasons which, tho obvious to me, should now start becoming obvious to those who voted for him and now note what is happening … as well as some of the “cheaters” that illegally rigged the election results to favor Hiden Biden.
ENDLESS
B as in B
S as in S
with these Brown Shirts
Tell Joey what to do and he signs with Blinders on.
IS there NO END to the Tactics of this REGIME.
SAY all that we do on here – does it do any good
but get us aggravated and PTSD inside?? really.
What is Next with Joey and his Minions???????
I guess the Democrats don’t think all the money they are targeting is really just a way to insure Americans won’t be able in the future to get to that next ladder rung of prosperity. They want to take money from every single element of society. We all will now be working for the Federal Government probably 6 months a year or possibly more. It’s sickening to realize the greed of the people we entrusted to run our government. Its criminal to think with a pen he can just make our lives miserable. I say let’s all fight this obvious greedy proposal. Congress needs to take back control of this Executive Order Nit Wit!
GREED is Washington DC! I’m so tired of these greedy politicians stealing from the American people! No matter who is in power, stealing our hard earned money never stops! Biden and company want so much money, let them donate their salaries like Trump did!
Maybe his family will be one of the first families to have to pay this tax!!!!!!
These articles are great for developing stress. But in reality how the hell can we change anything. They have the vote and that is what they wanted to gain all the control. We speak to our congressman and all they say are words to appeace the crowd.You can say what you want but until someone comes up with a way to defeat the congress and the political figures in office there does not seem to be an alternative. We will continue to read about how we are getting screwed and what the future looks like, not if the get these new bills passed, but when. Hopefully they do not succeed.
The democrats goal is to have all farms and businesses owned by either the government or big corporations. They have no respect for family farms or small business.
No one what’s to listen. (The Great New Reset!) If we allow all this change to happen, America as we know it will begone. Not sure why the people behind this dramatic change wants fifty% of America to feel onrest maybe they want a civil war. I guess it’s time to find a state that’s for freedom and the God giving right’s we all were born with. Then try to keep the far left political hacks out of power in the state you choose. Time is running out fast,big business, government, and the elite if they get their way will shut this type of freedom down. All this money they are spending will eventually be the demise of America. Less government less taxes more (Trump!) Pray we make it through the next two years and beyond. As all ways don’t believe anytning you hear,see,or read without researching the message first. God willing we will over come this power grab.
Absolutely did not enjoy the article. It is a concept hell bent on greed, corruption, big government, and worst of all destroying what is left of a Constitutional Republic where We The People enjoyed working/earning our money while paying a lower tax. Biden is hell bent on destroying any thing that is good for this country just to appease the democrats.
Biden and the Democrats are clearly moving toward Communism. They want to eliminate property ownership and our freedoms. They want to eliminate local police agencies and implement a national police force to control the people & on they march toward Communism.
The DEMOCRAT President along with the DEMOCRAT Congress (both Houses) are coming out with all sorts of new taxes. Of course these new taxes are in ADDITION to existing taxes. The DEMOCRATs want to tax you on your death, the DEMOCRATs want to tax you on the wealth ( home , savings , etc.) that you created , produced & accumulated over the course of your life. And, the DEMOCRATs then want to tax your heirs on whatever is left over . Of course the DEMOCRATs claim that these new taxes are for people with high incomes so they can pay their ” fair ” share . So, just exactly who are those people who create and produce wealth ? Who are the people that the DEMOCRATs are targeting for taxation . Are they the same people who create jobs in which we are employed ? Who create production of a myriad of items to satisfy our needs and wants ? Are these wealthy people the same ones who secure their money in financial institutions and in banks that grant you mortgages ? Why don’t the DEMOCRATs ever talk about taxing the poor ? After all, the poor also have a stake in America . They also have a duty and responsibility to support our country . Right ? I think most poor people are patriotic. But the DEMOCRATs don’t want them to have a sense of ‘ownership’ in America . I believe the DEMOCRATs want to keep the poor people poor in order to continually “buy” their votes with the money that they tax the productive people on . This sounds like class preferences to me . Ever since DEMOCRAT President Johnson’s ‘Great Society’ programs back in the ’60s , the poor have remained poor. Ya just gotta wonder why the DEMOCRATs want to continue to keep the poor people poor .
I enjoy seeing the pit the demonrats are creating for themselves. Yes I will hurt. But I will enjoy the faces in 2022, when the demonrats will loose both chambers, and maybe we will then recall the president. And the VP. And hopefully, pelosi will have lost her post, which will cause the presidency to go back to the Republicans/Conservatives. Hopefully, also, ALL THE RINOS will be evicted.
ONE CAN DREAM? YES?
Biden is proposing what all of us should hope never passes. Are the people writing this script just trying to cause total rebellion to launch their revolution???????????????
Like I’ve been saying all along, Biden does not belong in our WH. He’s not doing anything on his ‘own’ he’s only doing what his Trump hating administration tells him to do!
Biden is determined to tax everybody despite saying he is taxing the wealthy only! Not only that, Biden already knows the loopholes so he doesn’t have to pay them! Also, with so many choosing to stay at home and not return to work, who is going to be paying any kind of tax? Biden is methodically trying to destroy USA!!
Dear Americans: It is quite obvious that this is a new era of tax and spend ~ to the end and distruction of this nation!
So many many are going to drop over…from the jab..the Dims…got it covered !
Typical Democrat deception aka (a Lie) the bill should be called “How to destroy the American Families Plan”
We the people elected/cheated this senile old crook into the Presidency. He is brain dead and we all know it. His “administration” of criminals, frauds, liars and delusional people who believe they can change genders will destroy us, our wealth and our health and wellbeing. Yet we are so surprised as another way to grab our wealth shows up every day! Yet, here we are, grumbling to others on the internet instead of fighting back in every way we can. I have literally no “estate” to leave anyone and no heirs at all. I don’t have a dog in this particular fight. A lot of you do and maybe showering your representatives with angry mail, email and phone calls will help. Not giving money to Democrats might help. Maybe we need to grab our canes and walkers and march on TV? I have never lived through a hostile communist takeover before so I am a little fuzzy on what to do next. I am crippled up and can’t run and can’t fight. All I can do is stand on my porch and shoot until they kill me. Not much of a plan, I realize.