Political Quotes

“Mr. President, not content with their $1.9 trillion so- called COVID relief bill--paid for entirely with money borrowed from younger generations of Americans and our children and grandchildren-- Democrats are readying another partisan spending spree. Democrats are preparing to consider a $3.5 trillion tax-and-spending package, this one at least partially paid for by massive tax hikes--tax hikes on small businesses, tax hikes on large businesses, tax hikes on investment, tax hikes on well-off Americans, and tax hikes on the middle class. That is right, tax hikes on the middle class. Now, President Biden is fond of repeating that he won't raise taxes on anyone making under $400,000 a year, but the new death tax he is proposing will definitely hit some middle-class Americans. Let's talk about that new tax. President Biden and congressional Democrats are proposing to eliminate a part of the Tax Code known as ``step-up in basis'' or referred to often as ``stepped-up basis.'' Under our current Tax Code, when you inherit something from an estate, whether that is stocks or a house, the value of that item is stepped up from its original value to its current market value when you receive it. This prevents you from having to pay capital gains taxes on the amount that your parents' house increased in value when it was owned by your parents. Let's say you inherit a house that your parents bought for $100,000, but it is now worth $500,000.…”