Death taxes are taxes imposed by the federal and/or state government on someone's estate upon their death. These taxes are levied on the beneficiary, who receives the property in the deceased's will or the estate which pays the tax before transferring the inherited property.
The “death tax” cleverly cloaks its real purpose, which is “to redistribute wealth from those that have to those that do not have."
Corrupt and elite government entities at the federal and state level mandate and steal hard won assets from citizens (who are already taxed when their money is earned, spent, and saved). These taxes are used (supposedly) for the needs of running the government, for infrastructure, and for social programs. Now, when that poor taxpayer dies, the greed of tax-happy legislatures tries to capitalize on whatever remains.
TAXES NEVER DIE NOR DO THEY FADE AWAY
There is a sad history to taxation: once instituted, a tax never “sunsets” and usually grows. Only through concerted efforts of the States that ratify and support the Convention of States is there an opportunity to review taxation policies and eliminate this despicable grab of a deadman’s last resource.
Hardworking families of successful businessmen and entrepreneurs get kicked twice when their loved one dies. First, the value of assets of the estate are diminished by normal federal, state, local, and special taxation over time.
Second, upon the benefactor’s death, another (usually larger) money grab by the government happens. This grab is based on increased (present) market values. Double steal.
In addition to the federal estate tax, some states levy an additional estate or "inheritance tax." Twelve states and the District of Columbia impose estate taxes and six impose inheritance taxes. If the estate is in one of these states, there is yet another bite out of the apple. One can argue all these taxes are in fact double, triple, or quadruple taxation on the same taxpayer assets.
These relentless tax bites cannot even represent the benefactor as he/she is deceased. Taxation without representation is something we fought against in the Revolutionary War. Perhaps it is something we change with the Convention of States ratification. We must take more aggressive action against those corrupt elected representatives who have forgotten to represent us.
FAMILIES MAY FACE UP TO A 61% TAX RATE ON INHERITED WEALTH UNDER BIDEN PLAN
According to CNBC on May 3,2021, under the Biden’s Administration plans, families could face as much as a 61% tax bite on their inheritance. This is the highest rate in more than a century. The horrible American Families Plan is a poorly conceived and thinly veiled redistribution of wealth away from those whose families have earned, saved and produced something to those who do not. It is wrong.
The Biden plan must be prevented. Elected representatives cannot be trusted to do the right thing. They continue to perpetuate this travesty of justice. Our last best hope is for the Convention of States to convene and thwart this runaway government from their misguided plans.
CONVENTION OF STATES MUST TAKE ACTION
Today Death Taxes are focused on a small and wealthy percentage of taxpayers. In 2019 there was an exception for estates valued at $11.4 million or less. In 2021, if Biden gets his way, the exception threshold drops to $1 million (according to CNBC article May 3, 2021). There is a history of the government changing the tax exemption status for “death taxes.” Under the Obama Administration the tax emption was for estates valued at $1 million or less. Under Trump the emption was raised for estates valued at $11.4 million or less.
Biden has a plan to drop that exemption back to the very unpopular $1 million level in the American Families Plan. Who is to say what and when the tyrants in our state and federal legislatures will drop that number to zero and eliminate tax exceptions altogether?
There is great and repeated history of taxes growing and never going away. This is egregious government overreach. It must end. The damage to our economy and to a family’s ability to retain and grow wealth is at hazard. The very entrepreneurial spirit that built this great country is truly in danger with this continued tax.
Please sign the petition and support the only real, long-term solution to government overreach and out-of-control spending: Convention or States.
