The Biden administration is waging an all-out war on wealth. We already know about the plans to:
Raise the top individual income tax rate to 39.6 percent 43.4 percent if the 3.8 percent tax on net investment income is included,
Raise the top corporate tax rate to 28 percent,
Tax capital gains and dividend income as if they were ordinary income (above a certain percentage) and,
Eliminate the stepped-up basis accorded to assets transferred to heirs upon the death of the owner, something that will (effectively) bring many more people into the death tax, and subject others to a double death tax.
What hasn’t been discussed is a provision that’s buried in the 114-page document released by the U.S. Treasury in May. The document, General Explanations of the Administration’s Fiscal year 2022 Revenue Proposals (the so-called Green Book), broadly explains President Biden’s plan to confiscate vast amounts of wealth from citizens.
I’m referring to the use of trusts as vehicles to preserve family wealth over generations.
That portion of the plan was not discussed at all by Biden during his campaign, nor was it mentioned when he released his plans to “tax the rich” in April. If this element of the plan becomes law, there will be a great deal of consternation among people who have used an estate-planning strategy regularly for many generations — and not just by the richest 1 percent.
The election was a soft coup of fraud, collision, and deep state actors. It made NO difference what Biden did/said, none. Anybody who wasn't a Trump supporter, and is not a Trump supporter now is responsible.
The Biden administration is waging an all-out war on wealth. We already know about the plans to:
Raise the top individual income tax rate to 39.6 percent 43.4 percent if the 3.8 percent tax on net investment income is included,
Raise the top corporate tax rate to 28 percent,
Tax capital gains and dividend income as if they were ordinary income (above a certain percentage) and,
Eliminate the stepped-up basis accorded to assets transferred to heirs upon the death of the owner, something that will (effectively) bring many more people into the death tax, and subject others to a double death tax.
What hasn’t been discussed is a provision that’s buried in the 114-page document released by the U.S. Treasury in May. The document, General Explanations of the Administration’s Fiscal year 2022 Revenue Proposals (the so-called Green Book), broadly explains President Biden’s plan to confiscate vast amounts of wealth from citizens.
I’m referring to the use of trusts as vehicles to preserve family wealth over generations.
That portion of the plan was not discussed at all by Biden during his campaign, nor was it mentioned when he released his plans to “tax the rich” in April. If this element of the plan becomes law, there will be a great deal of consternation among people who have used an estate-planning strategy regularly for many generations — and not just by the richest 1 percent.
oh yes, the Millennials are screwed again, cutting their own throats as usual
but George W. Bush was none the less berry berry goo to me
