Biden Tax Proposal Means Your Beneficiaries Will Have to Pay Taxes, Too
And maybe you've drawn up a will. And you say, you know what? I'm going to leave my home. My kids. When I die, That's what most people do, don't they? Leave it to Freddie. Mohammed Sally, Whatever. And so in the federal tax code, they have a way of Evaluating these things. Take a look at this. So how do they tax this? How do they taxing? Well, if you don't meet a certain threshold, they don't tax it at all. But Joe Biden wants to hugely reduce that threshold. And Joe Biden wants As a as an example a real property that's valued at over a million dollars at the time of your death. To use the value at the time of your death as the basis for the property. For which a capital gains would be paid, But he wants the capital gains to be the same as the regular income tax. So what is he doing here? He's massively increasing the tax rate. So there is no distinction between capital games and personal income tax. He's massively increasing. The value of the property. So you'll be taxed on the higher value of the basis of the property. What does all this mean? Oh, So convoluted. Means that most of you who are in the middle class who are not millionaires when you pass away And your property is passed on to your kids or whomever. They're going to have a massive tax bill.