He used the hypothetical situation of a young widow trying to support three children by attempting to buy a $150,000 home to elucidate his argument.
“This is what happens when you have a president and a treasury secretary who are on a mission from God to please pink-haired wokers who carry around Ziploc bags of kale,” Kennedy said Thursday while speaking with Tucker Carlson. “This is what happens when you have a president and a secretary who want to tax, spend, and regulate America into neo-socialism.”
By the time the mother died, her house, her only asset, would be worth about $1.75 million as a result of inflation, he said.
“She leaves her home to her kids,” Kennedy said. “Under current law, her kids would not have to pay any income tax on that home if they didn’t sell the property. They wouldn’t have to pay any inheritance tax either.”
Under the rules of the Biden administration, the children of this widowed mother would be taxed on the home’s total value, regardless of whether it was sold or not, he said.
If those children did not have the capital necessary to pay the taxes, they would “be forced to do a fire sale” and basically lose their principal inheritance, according to Kennedy.
“The United States has never done this, never,” he said, adding that such a policy “is going to affect millions and millions of middle-class Americans” and “maul the real estate market.”
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Original Author: Luke Gentile