President Obama plans to announce new tax policies that will have a dramatic impact on anyone hoping to leave money for their kids. On radio this morning, Glenn detailed the new plan and went off on what amounts to double taxation.
Glenn took specific issue with two pieces of tax policy. First, Obama plans to raise the top capital gains tax from 23.8 percent to 28 percent. Secondly, he plans to propose taxing capital gains at death, keeping them from going to the estate's heirs tax-free.
The plan—which Mr. Obama will highlight in his State of the Union address on Tuesday—would raise taxes on high-income households’ investments by raising top capital gains tax rates and imposing capital gains tax on many inherited assets. The plan also would create or expand a range of tax breaks aimed at boosting incomes for low- and middle-income earners, including a new $500 tax credit for two-earner households.
"I know this is first world problems and 1% problem, but let me tell you something. If you worked hard your hold life and you have saved your money - It's not the government's. I've already paid you my 50%. I've already paid you my 50%. My children have a right to the money I want to leave them."
"My children cannot afford my inheritance. My children cannot afford -- if I leave my house to my kids, my kids will not be able to afford the taxes. They won't be able to afford to take the things that I want to give them. They'll have to sell half of it. It's wrong. It's obscene. It's theft."