Kamala Harris wants America to have the highest death tax in the world

Here's something no one in the media is reporting as Vice President Kamala Harris continues to duck and squirm like Muhammad Ali in the ring to avoid questions about her economic plan.

The American Business Defense Foundation reports that under the Harris tax plan, the number of Americans subject to the hated death tax would double or triple. This would happen because Harris has said she will let the Trump tax cut expire next year if she becomes president.

Thanks to the Trump tax cut, the amount of an estate currently exempt from taxes is about $13.6 million.

But according to the IRS: “Under the tax reform law, the increase is only temporary. Therefore, in 2026, the exemption is expected to return to the pre-2018 level of $5 million, adjusted for inflation.”

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Kamala wants this to happen. She wants to soak the millionaires and billionaires. But under their plan, thousands more families will be hit by this tax when a parent dies. This gives new meaning to the idea of ​​the “Grim Reaper.”

We're not talking about the very rich here – people like Warren Buffett and Bill Gates, who are already subject to the unfair death tax. (Although these super-billionaires have built huge tax havens for family foundations to avoid the tax.)

Today, many farms, ranches and family businesses must be sold after a funeral just to pay the taxes. These are mostly owners and operators of small businesses that have built up over a lifetime into companies with sales of more than a million dollars. The owners have already paid Uncle Sam millions of dollars in income, property, payroll, energy, business and other taxes and annual assessments.

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Now they must pay an estate tax rate of 40%, plus another 5% to 15% depending on which state they die in. In other words, about half of a family inheritance has to be passed on to politicians. The IRS gets almost as much as the children and grandchildren. The agents should at least pay their respects at the funeral!

How is that fair?

But wait. It's getting worse.

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Massachusetts Democratic Senator Elizabeth Warren has introduced a bill that would make the death tax even more burdensome. Under her bill, the estate tax rate would rise to as high as 55% to 65% and the exemption would drop to $3.5 million. This means that up to two-thirds of an estate could be seized by the government. This is not taxation. It is about the confiscation of family property. Will the tax authorities confiscate Grandma's jewelry or Grandpa's horse stable and the villa he built himself?

Do family businesses have to endure the indignity of a fire sale to vulture companies just to pay the taxes they owe?

Guess who supports the Warren tax system? Yes, Harris thinks it's a great idea.

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Incredibly, if the Warren Tax were implemented, the United States – the land of the free – would have the highest inheritance tax in the world.

Higher than Russia. Higher than China. Higher than the socialist nations of Europe.

The real effect of such a high death tax is that older people avoid the death tax by spending family wealth lavishly, leaving no money left to be taxed. The incentive is to die broke. Family businesses cannot be passed down from one generation to the next. In this way, the death tax destroys jobs and investments.

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In contrast, former President Trump will make his death tax relief permanent. Family businesses and estates remain alive.

This is one of many important tax issues voters should consider on Election Day.

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