Be Prepared for the Boomer Death Tax

“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.”

To read the entire column, please click here.

Comments

  1. Really??? says

    Look in the mirror if you voted for Democrats at any level you are responsible.

    You allowed the Socialist Press to set you up…..the border crisis is just a small example….the tax man comes.

    • Google “the term exempt income means any income”
      Google “income that is not considered tax exempt”

      WhatisTaxed c o m

  2. Philip Gallanders says

    Well, since millennials are in general, both selfish and ignorant of worldly reality, they actually do believe in the reality of “Free Stuff”.

    They have lived (mooched parasitically) off their parents and state welfare, often never really working, then to them, it all HAS been free.

    They do not earn money, so they do not pay taxes.

    And with this, welcome to the totalitarian government of a “democracy” instead of a Democratic Republic.

  3. Taxes, taxes and more taxes. Tax everyone, get as much as you can. Force them into government labor camps. Tell them what to think, how to talk, who to hate.

    This is evil beyond evil and democrats are responsible. If you voted for one of them, YOU are the problem.

    The line has faint;ly been drawn in the sand. It’s becoming clearer every day. Which side of it are you going to stand on?

  4. Another boom for job and manufacturing growth for our “competitors”, China, and India. With their low cost of labor and minuscule environmental regulations, Americans can watch their jobs move offshore while the huge cost of intermittent electricity drives up their cost of living without a paycheck.

    More rescue dollar needed from Biden!!!

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