at 37% to 46% rate on anything your parents try to leave you.
For the “rich” who make more than 346k/yr, that capital gains tax rate is 46% with further taxation of “unrealized gains”….meaning gains on stocks and other such entities that were seen in the market even if the investment isn’t cashed out. Nevermind that there will be no “unrealized losses” deduction for those stocks, etc that drop within each year, and nevermind that deductions don’t give a dollar for dollar return that a taxed unrealized gain would.
This does NOT include any state and local taxes added on to this either! (Blue Staters esp should take note).
This will devastate the economy. That is not an understatement.
Btw, the Biden “unrealized gains tax” is coming for the middle class “nonrich” very shortly.
Link: https://www.foxnews.com/politics/bidens-capital-gains-tax-proposal-could-have-major-economic-impact-experts-say