Wisdom to Wealth: Thursday, July 15
John Halterman: Were you aware that there’s a death tax in America? Now, don’t get me wrong, based on the current laws if you have an estate more than eleven-point-seven million dollars, you have to pay estate taxes up to forty percent. Now, granted, it wasn’t always that amount. At one time it used to be six hundred thousand. Well, right now there’s a new tax being proposed. And what the potential to that is, is that in the future if you have an estate over one million dollars, which a lot of people do, then now your estate is going to be subject to capital gains taxes. And so, of course, this is brand new. It’s thanks to the Biden Administration. It’s a way that they’re going to basically tax dead people. Because one thing that we know is, if you go after dead people, there’s nobody to argue about it. And so, they feel that it’s easier to tax you on the back end than on the front end. For more answers, call or visit our website today.
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