Cooking in the West
October 23, 2020
As the election draws nearer, I feel compelled to point out that Joe Biden’s 4 trillion dollar tax plan would raise taxes on all of our households both in life and at death, according to analysis by the Tax Policy Center. Biden has set his sights on all estates including businesses, farms, and ranches, but he is taking a different tack from merely raising rates on wealth transfer. He proposes to levy a tax on unrealized appreciation of assets passed on at death.
“When someone dies and the asset transfers to an heir, that transfer itself will be a taxable event, and the estate is require...