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  1. #2941
    Service Manager 2,500+ Posts
    The Shining City Upon a Hill

    SalesServiceGuy's Avatar
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    Dec 2009
    Nova Scotia
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    Re: The Shining City Upon a Hill

    Inside the $40 billion a year "tax loophole" that President Biden would eliminate

    Biden wants to end this little known tax provision that has saved the wealthy billions for over 90 years

    The federal tax code contains a loophole so big that in the time you spend reading this article, it will have saved wealthy families and their heirs an average of about $400,000. Over the course of a day, the average total savings is more than $100 million.

    Families without sizable estates may be unfamiliar with the provision, but it’s been on the books for more than 90 years and has helped the wealthy pass on billions in dollars to their descendents tax-free.

    It’s known as the stepped-up basis rule, or, as President Joe Biden called it this month, the “trust fund loophole,” and Biden’s American Families Plan aims to put an end to it for many people who inherit big estates.

    Biden, who advocated removing the provision while on the campaign trail, continued attacking it this month in an address he made in support of his plan.

    “We need to make a choice to eliminate the loophole,” Biden said. “[If] a person passes away and leaves stock to their son or daughter, [they] don't have to pay anything on that multimillion-dollar gain when they sell that stock.”

    Biden would use the money as one source of funding for his plan, which proposes nationwide preschools, free community college, a national paid-leave program and an extension of tax cuts for low- and middle-income Americans.

    The U.S. Senate publishes a yearly report that includes an estimate of the impact of the stepped-up basis on Americans, and according to that report the top earners benefit the most from this part of the tax code.

    By government estimates, the stepped-up basis provision left more than $40 billion of potential tax dollars in the pockets of wealthy heirs in 2020 alone, a figure that has steadily climbed since 2017. Five-year estimates show no sign of a reduction in that number.

    “Middle-income people spend most of their assets before they die, whereas high-income people have more wealth than they can spend,” said Leonard Burman, a co-founder of the Urban-Brookings Tax Policy Center, who contributed data to the Senate’s predictions. “So the more unequal wealth becomes, the more assets you’ll find are being passed tax-free.”

  2. #2942
    Retired 10,000+ Posts slimslob's Avatar
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    May 2013
    Bakersfield, CA
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    Re: The Shining City Upon a Hill

    Recently independent journalist Tayler Hansen made a surprising announcement, he had identified the Capitol Police Officer who shot and killed an unarmed woman, Ashli Babbitt during the Capitol protest of January 6th. Capitol Cop Who Murdered Ashli Babbitt Identified as Michael Leroy Byrd - The Deplorable Patriot

  3. #2943
    Service Manager 2,500+ Posts
    The Shining City Upon a Hill

    BillyCarpenter's Avatar
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    Aug 2020
    Long Beach, Mississippi
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    Re: The Shining City Upon a Hill

    Quote Originally Posted by SalesServiceGuy View Post

    “Middle-income people spend most of their assets before they die, whereas high-income people have more wealth than they can spend,”
    Liberals are some jealous motherfuckers. Instead of being jealous, you should try to be rich. Of course they have more money than they can spend....they're fucking rich, bitch.

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