Many farms, ranches, and family-owned businesses must be sold after a funeral just to pay the taxes. These are primarily owners and operators of small businesses built up over a lifetime from nothing to million-dollar-plus businesses.
The owners have already paid Uncle Sam millions of dollars in income, property, payroll, energy, business, other taxes, and annual levies. Now, they will have to pay a 40 percent estate tax rate, plus another 5 to 15 percent, depending on the state where they die. Simply put, up to half of a family's inheritance must be given to the government. This means the IRS will get as much or more than the children or grandkids.
As if Harris’s plan isn’t bad enough, the Wooden Indian from Massachusetts Sen. Elizabeth Warren decided to get involved and make things worse. She decided that Harris’s knife didn’t penetrate deep enough. Under her bill, the estate tax rate would rise as high as 55 to 65 percent and lower the exemption to about $3.5 million. This means the government could seize as much as two-thirds of an estate.
Naturally, Harris supports Warren’s tax attack on the American public. If the bill passes, the United States would have the highest estate tax in the world.