An America where your kids can't afford to keep your money: Middle income families' disgust with Biden's 'twisted' 'death tax' that would force many to part with their inheritance to pay the bill | WHAT REALLY HAPPENED

An America where your kids can't afford to keep your money: Middle income families' disgust with Biden's 'twisted' 'death tax' that would force many to part with their inheritance to pay the bill

Middle income families are lashing out against Joe Biden's punitive new tax plan that would claim a large chunk of the amount someone leaves to their kids when they die just because it has gone up in value over the course of their lifetime.

The harsh new tax - dubbed Biden's 'death tax' - is hidden in his American Families Plan and it's receiving ferocious backlash. It proposes that when someone dies, any asset they leave behind that has appreciated in value by more than $1million since the time they bought it should be taxed.

The tax rate would go as high as 40% - double what it is now - and it applies to how much the asset has appreciate. So someone who inherited a house their mother and father paid $250,000 for but that's now worth $2.5million would have to pay tax on the difference.

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