Politicians have promised to get rid of what has become known as the “Death Tax” since Ronald Reagan was president. President Trump wanted to get rid of it, but the Democrat majority prevented it, because Democrats who are Marxists (socialists) target the wealthy to make up for others who pay less than what is fair counting what they get back as refund at beginning of the tax year. Meanwhile, the Democratic-Socialists and those who blindly follow say that the wealthy do not pay their “fair share”. That is a false narrative and if they wanted a “fair share” tax, Congress would end the income tax (repeal the 16th Amendment) and replace it with a flat consumption tax under the Fair Tax Act (H.R. 25 that has continually been shelved since 2000) that would not affect our income.
The Death Tax does not just focus upon the one percent wealthy. After a lifetime of hard work, American family businesses (and farms), who have paid during their lifetime multiple layers of taxation (tax on income, sales tax, property tax, myriad of government fees applied to our utility bills), the government taxes an individual (their beneficiaries) one last time when they die.
There has been a constant debate over this unfair and immoral tax by members of Congress, academics, economists and journalists concerning death tax (“Estate Tax”). The Estate Tax currently accounts for less than one-half of one percent of federal revenue – but the idea of it is wrong in several ways.
Republicans have put this debate upon the table favoring the repeal of the death tax and some honest, intellectuals have favored repealing the 16th Amendment and replacing income tax with a flat consumption tax where everyone pays. No annual nightmare of paperwork, costs less for government to implement, and much less of a chance for people to cheat. The current administration and Democratic-Socialists who presently hold a majority in Congress are working to not only keep the death tax, but dramatically increase it. This is unconscionable.
The Tax Cuts and Jobs Act that was signed in December of 2017 by our 45th President Trump took a substantial bite out of the death tax, which exempted many family businesses and farms, but the Senate stopped President Trump's plan to repeal the death tax once and for all.
Just like the Fair Tax Act, the Death Tax is currently in stalemate. Trump's tax cuts are set to expire in 2025. There are Democratic-Socialists in Congress who are pushing to double the tax in the form of capital gains tax due at death. These are the politicians who are convincing some Americans that they are compassionate. Quite the opposite and events since 2016 has proven how much of their agenda is based upon hatred and corruption.
Of course, in their ultimate acts of hypocrisy, there are advocates of higher death taxes and refusing to repeal it who are not paying our government “their fair share” - and turn a blind eye when family businesses, especially farms, are sold off after the death of the head of the family having to sell their farms, property and businesses in order to pay the death tax bill.
Meanwhile, Democratic-Socialists like the Bill & Hillary Clinton have taken steps to minimize their own estate tax bills. Some profit directly while they call for the wealthy to pay “their fair share”. An example would be Warren Buffet and Bill Gates who favor increasing the death tax. Buffet has been buying out injured family businesses for decades. Both Buffet and Gates (and Clinton) have protected their fortunes through development of charitable foundations that “self-perpetuates” and effectively has become a money laundering system. It should be examined to determine how much of Bill Gates' farmland holdings were obtained by family farmers having to sell out. People in the entertainment field are not helping either, like Willy Nelson who attended charity concerts to help the farmers, but support Democratic-Socialists who have put them under.
Of course, the Marxist Media sides with the Democratic-Socialist narrative in order to hood wink the public. The ultra-wealthy can afford spending on expensive cadre of lawyers and accountants that work their way around the Death Tax (and other taxation), while family businesses don't have that luxury.
When a family business owner dies, the last thing the family should be worried about is a death tax and finding ways to come up with the cash.
When South Dakota Governor Kristi Noem's father died in a grain bin accident while she was attending college, she was facing the decision to sell the ranch or take out a loan to pay the death tax. She took out a loan and worked for over 10 years to pay it off. When farms are forced to fold, jobs are lost as well.
The Death Tax is economically destructive, immoral and cruel.
Bernie Sanders wants to raise the top death tax rate to 77%! Presently it is 40%. If Biden gets his way on doubling the death tax, it should be the “straw that broke the camel's back” for the Democratic Party.
AMAC is supporting a bill to repeal the Death Tax and you can help by pestering your representatives and senators in Congress by appealing to their conscious (if they have any) and voting out Democratic-Socialists and RINOs presently in Congress.
No comments:
Post a Comment