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This is what no one in the media is reporting as Vice President Kamala Harris continues to weave in the ring like Muhammad Ali to avoid questions about her economic plans.
Under the Harris tax plan, the number of Americans subject to the hated death tax would double to triple, according to a report by the American Business Defense Foundation. This is because Harris has declared that the Trump tax cuts will expire next year if she becomes president.
Thanks to the Trump tax cuts, the amount of the estate that is currently tax-free is approximately $13.6 million.
but According to the I.R.S.: “Under the Tax Cuts and Jobs Act, this increase is only temporary. Therefore, in 2026, the forgiveness amount will return to its pre-2018 level of $5 million, adjusted for inflation.”
Trump has stood up for American workers before. As rank-and-file Teamsters, we believe he’ll do it again.
Kamala wants this to happen. She wants to bathe millionaires and billionaires. But under her plan, thousands more families would be hit with the tax if a parent dies. This brings new meaning to the concept of “shinigami”.
We’re not talking about Warren Buffett or billionaires like Warren Buffett. bill gatesare already subject to unfair death taxes. (However, these super-billionaires have built large family foundation tax shelters to escape taxes.)
Currently, many farms, ranches, and family businesses will have to be sold after the funeral just to pay the taxes. Most of these are small business owners and managers who have grown their businesses into multi-million dollar companies or more over their lifetimes. The owners already owe Uncle Sam millions of dollars in income, property, salaries, energy, business and other taxes and annual levies.
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They will now have to pay 40% inheritance tax, plus an additional 5% to 15% depending on the state of their death. In other words, about half of a family’s inheritance would have to be passed on to politicians. The IRS receives about the same amount as your children and grandchildren. Agents should at least be respected at funerals.
How is that fair?
But wait. The situation gets even worse.
The IRS could take more of your money under Kamala Harris
Sen. Elizabeth Warren, D-Mass., has introduced a bill that would make death taxes even more onerous. Under her bill, the estate tax rate would rise from 55% to 65% and the exemption would be lowered to $3.5 million. This means that up to two-thirds of your assets could be seized by the government. This is not a tax. Confiscation of family property. Is the IRS going to seize Grandma’s jewelry, Grandpa’s stable, or the mansion he built?
Will family businesses have to go through the humiliation of being sold off to predatory companies just to pay unpaid taxes?
Who do you think supports Warren’s tax plan? Yes, Harris thinks it’s a great idea.
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Incredibly, if the Warren Tax were to become a reality, the United States, the land of the free, would be subject to the highest inheritance tax in the world.
higher than Russia. higher than China. higher than socialist countries in Europe.
The real-world effect of such a high death tax is that older people lavishly spend their inheritance taxes, avoiding death taxes by leaving them with no money to tax. The incentive is to die. Family businesses cannot be passed down from generation to generation. This is how death taxes destroy jobs and investment.
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In contrast, former President Trump would make the death tax relief permanent. Family-run businesses and real estate remain vibrant and vibrant.
This is one of the key tax issues voters should consider on Election Day.
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