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 hatred would be death tax will do increase significantly. 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 Internal Revenue Service: “Under the Tax Cuts and Jobs Act, the tax increases are only temporary. Therefore, in 2026, the exemption amount will return to its pre-2018 level of $5 million, adjusted for inflation.” .”

Harris 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.

We’re not talking about the very rich, people like Warren Buffett and Bill Gates who are already subject to unfair death taxes. (However, these super-billionaires have built large family foundation tax shelters to avoid 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 spent a lifetime building their businesses from nothing to multi-million dollar companies. The owners already pay Uncle Sam millions of dollars in income, property, salaries, energy, business and other taxes and annual levies.

From now on, they will have to pay 40% inheritance tax, plus an additional 5% to 15% depending on the state of death. In other words, up to half of the family’s inheritance must be passed on to politicians. The IRS receives about the same amount as your children and grandchildren. Agents should at least offer condolences at funerals!

How is that fair?

But wait. The situation gets even worse.

Introduced by Massachusetts Senator Elizabeth Warren invoice To equalize death taxes more troublesome. under her billthe estate tax rate would rise from 55% to 65%, and the exemption would drop to about $3.5 million. This means that up to two-thirds of your heritage could be confiscated by the government. This is not a tax. Confiscation of family property. Is the IRS going to seize Grandpa’s jewelry in Grandpa’s stable and the mansion he built himself?

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 Elizabeth Warren’s tax plan? Yes, Kamala Harris i think this is a great idea.

Incredibly, if the Warren Tax were to become a reality, America, the land of the free, would the best Inheritance taxes around 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.

The graph below shows that the United States already has one of the highest death taxes in the world and would have the highest death tax in the world under the Warren-Harris bill.

Trump, by contrast, plans to make the death tax cut 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.

Stephen Moore is a Visiting Senior Fellow at the Heritage Foundation. His latest book with Arthur Laffer is “The Trump Economic Miracle.”

The views and opinions expressed in this commentary are those of the author and do not reflect the official position of the Daily Caller News Foundation.

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