The GOP’s fiction about small family farms sold to pay off a “death tax” are more convincing than actual facts about the stepped-up basis tax loophole for the rich.
Proof? “House Democrats revealed a package of tax hikes on corporations and the rich WITHOUT President Joseph Biden’s proposed levy on inherited property at death.“
Seriously?! You know what small farmers want MORE than being used as a beard for the mega-wealthy’s “Buy-Borrow-Die” tax-free lifestyle? Debt relief! Affordable health care! Affordable childcare! Reasonable drug prices!( also in danger from DEMS!) What most non-1% Americans want.
How did we get here? By letting our eyes glaze over on “tax” issues, leaving it up to our heavily-lobbied legislators. But we’re starting to catch on to the con game in which mega-corporations and ultra-rich individuals pay little or nothing in federal income tax, using a fiction about farms that hasn’t been true for decades.
“ProPublica said the data showed Amazon founder Jeff Bezos realizes billions each year in asset appreciation (such as rising stock prices) and yet can keep his taxable income so low that one year he qualified for the child tax credit (which he took).”
Polling this summer has generally found the public supportive of higher taxes on “corporations and the wealthy.” The billionaires’ tax avoidance schemes are actually easy to understand. We just need to start holding our legislators to account and close up this “step-up” loophole.