Why the Middle Class Should Start Paying Attention to the Death Tax | WHAT REALLY HAPPENED X-Frame-Options: DENY X-Frame-Options: SAMEORIGIN

Why the Middle Class Should Start Paying Attention to the Death Tax

By Daniel Kowalski

There are more millionaires now in American history than there were in 1910. Unfortunately, this isn’t a totally good thing.

It’s true that the average American is more prosperous than they were 110 years ago with a higher standard of living, but the purchasing power of the dollar has dramatically decreased during that time as well. Thanks to inflation, more than 20 million Americans have a net worth of one million dollars or more, but to be wealthy like the millionaires of the past one would need about $30 million today.

In fact, many of today’s millionaires consider themselves middle-class, with their largest financial asset being their home. But the multi-millionaires that occupy Congress and the White House appear to be oblivious to this. President Biden wants to be a transformative president that will have the government be more involved in your life while spending a lot more money than the nation can afford under what he calls The Build Back Better Initiative. Part of this initiative is the American Families Plan, which calls for $1 trillion in new spending. Part of the funding for these programs will come from an expansion of the Federal Estate Tax that will widen the tax base to any estate worth $1 million or more...