Here is something no one in the media is reporting as Vice President Kamala Harris continues to duck and weave like Muhammad Ali in the ring to avoid any questions about her economic plan.
The American Business Defense Foundation reports that under the Harris tax plan, the number of Americans subject to the hated death tax would double or triple.
This would happen because Harris has declared she will let the Trump tax cut expire next year if she becomes president.
Thanks to the Trump tax cut, the amount of an estate that is currently exempt from tax is roughly $13.6 million.
But according to the IRS: “Under the tax reform law, the increase is only temporary. Thus, in 2026, the exemption is due to revert to its pre-2018 level of $5 million, as adjusted for inflation.”
Kamala wants this to happen. She wants to soak the millionaires and billionaires. But under her plan, thousands more families will be clobbered by this tax when a parent dies. This brings new meaning to the idea of “the grim reaper.”
We aren’t talking about the very rich — people like Warren Buffett and Bill Gates, who are already subject to the unfair death tax. (Though these super billionaires have built massive family foundation tax shelters to escape the tax.)
Now many farms, ranches and family-owned businesses will have to be sold after a funeral just to pay the taxes. These are mostly owners and operators of small businesses that have been built up over a lifetime to million-dollar-plus enterprises. The owners have already paid Uncle Sam millions of dollars of income, property, payroll, energy, business and other taxes and annual levies.
Now they will have to pay a 40% estate tax rate, plus another 5 to 15% depending on what state they die in. In other words, roughly half of a family inheritance must be forked over to the politicians. The IRS gets almost as much as the kids and grandkids. The agents should at least pay their respect at the funeral!
How is that fair?
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