Speak out on Biden’s impending ‘death tax’
This may be a bad time of the year to write this, but it is very essential that the public flood their representatives in January with letters and/or postcards demanding that they vote down this proposed draconian tax bill called the “Death Tax.” This is critical information from Mr. Jim Martin, founder of the 60 Plus Association.
This tax that Joe Biden is trying to sneak into law will affect many more families than the current tax policy, which is bad enough already. This new tax, if imposed on the public, is a punishing tax levied on a person’s entire estate when they pass away.
Biden’s scheme involves a tricky little accounting gimmick called “step-up in basis.” Under the current law, your next of kin takes possession of the home at current market value and does not pay any taxes on appreciation over the years. That’s called a “step-up” in basis, but Joe Biden wants to eliminate that.
If he gets his way, you would have to pay taxes on the difference of your original purchase price and its current value. So, if you bought a house in 1960 for $40,000 and the current price today is $80,000, you would have to pay the death tax on $40,000.
Therefore, it is imperative that you make your voice known before this treachery becomes law. The people of this country have got to be the most tax-exploited and oppressed people of this planet. It is very clear that this administration is going all out to discourage and destroy the family.
According to Mr. Jim Martin, founder of 60 Plus, he warns that this new tax can also be applied to a family business.
ROBERT J. COLARUSSO,
Ossineke
