Massive new tax that will hit everyone who has wishes to pass on family wealth

At your request: This week's California Commentary by Jon Coupal
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** California Commentary
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** The Boomer death tax
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By Jon Coupal

“OK, Boomer” is a mocking retort made by a member of the millennial generation to someone born between 1946 and 1964 – the Baby Boom generation. Like Boomers themselves, Millennials are dismissive of advice or direction from the generation that preceded them.

But both Boomers and Millennials – as well as the subsequent Gen X, Y & Z – had better be prepared for what is coming courtesy of the Biden administration – a massive new tax that will hit everyone who has wishes to pass on family wealth to their children and grandchildren. And this new death tax is just one proposal of many emanating from the White House that will inflict real economic harm on the nation.

Fresh from jamming through a $2 trillion Covid relief spending package – 90% of which had nothing to do with Covid relief – the Biden administration just announced another $2 trillion spending plan for “infrastructure.” Like the “American Rescue Plan,” the infrastructure bill called the “American Jobs Plan” is a grab bag of special interest spending that will financially reward those who backed the president. Only a fraction will be spent on the roads, highways and bridges that Americans actually use.

Beyond the sheer wasteful spending, the more critical concern is how Biden proposes to pay for it. His initial idea is to raise the corporate tax rate to 28% and impose a global minimum tax – an idea pushed by his Treasury Secretary, Janet Yellen. The folly in this was exposed by the Wall Street Journal: “Mr. Biden’s corporate tax increases will hit the middle class hard — in the value of their 401(k)s, the size of their pay packets, and what they pay for goods and services.” The Journal warned that even if the damage doesn’t show up immediately, “the corrosive impact will compound in the coming years.”

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Jon Coupal is the President of the Howard Jarvis Taxpayers Association (HJTA). He is a recognized expert in California fiscal affairs and has argued numerous tax cases before the courts.
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