This gives a whole new meaning to, you can’t take it with you. In fact, if Hillary has her way, you’ll be giving it to the government. Her tax proposal is the largest increase since 1981.
Fox Business outlines how Hillary will tax your estate before and after you die.
Democratic presidential candidate Hillary Clinton would impose a 65% tax on the largest estates and make it harder for wealthy households to pass appreciated assets to their heirs without paying taxes, according to an updated version of her tax plan released Thursday.
The estate tax increase and other new proposals from Mrs. Clinton would generate $260 billion over the next decade, enough to pay for her plans to simplify small business taxes and expand the child tax credit, according to the nonpartisan Committee for a Responsible Federal Budget, which advocates fiscal restraint.
In all, Mrs. Clinton would increase taxes by about $1.5 trillion over the next decade, increasing federal revenue by about 4%, though that new burden would be concentrated on relatively few households. There is at least a $6 trillion gap between her plan and the tax cuts proposed by her Republican rival Donald Trump.
The Clinton campaign changed its previous plan — which called for a 45% top rate — by adding three new tax brackets: a 50% rate that would apply to estates over $10 million per person, a 55% rate that starts at $50 million per person and that top rate, which would affect only those with assets exceeding $500 million for a single person and $1 billion for married couples.
Hold on to your wallets if Hillary makes it to the oval office.