Paul L. Caron
Dean


Friday, May 22, 2020

Tax Policy In The Trump Administration

https://taxprof.typepad.com/taxprof_blog/2020/05/tax-policy-in-the-trump-administration-3.html

Tax, Tax News, Tax Policy in the Trump Administration | Permalink

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Tax law created by the Trump Administration, passed by a GOP led Senate and Congress, is by far the most egregious, nakedly greedy, shamelessly transparent, anti-Middle Class tax law that has ever been passed into law in this country. It serves the wealthy and the wealthy alone. Period, full stop. So to get back tax law that takes the Middle Class into account, rather than shoving them under a bus, the Middle and even Upper Middle Class will need to fight back, and stop being sheep, having accepted every blow since pensions and retirement benefits were taken away from them surreptitiously, and placed into the pockets of wealthy CEOs and Senior VPs in the form of cash.

Not only that, every state in America must be able to transfer parents property taxes to beneficiaries, when inheriting property taxes... This saves beneficiaries so much when parents pass away... avoiding property tax reassessment on the transfer costs, plus the low base rate from the core inheritance savings from Prop 13. Plus the ability to fix squabbling among siblings when some want to keep an inherited home while others insist on selling, equalizing cash liquidation to them with a trust loan from a trust lender, without having to sell. Paying a fraction of what would otherwise be a much more severe tax hit every single year, if Proposition 58 not active. All states should have tax law in place like this. Instead of whining about past administrations and obstructing sensible tax measures on the floor (still ignored and untouched by Moscow Mitch), overpaid lawmakers should be passing tax relief measures that make sense, such as Proposition 58 and 193, enabling property tax transfer from parents and grandparents when inheriting a home for example, and likewise inheriting property taxes from parents or grandparents – with a parent to child transfer or parent to child exclusion from paying up to date property tax rates which would be killing people or simply force them to sell any property of any real value inherited from parents or grandparents – as yearly tax rates and the transfer costs plus closing costs would be too much for most people to manage…

Hence, the urgent need ALL states have for a Proposition 58 or 193, and a Proposition 13, allowing beneficiaries to keep parents property taxes, and of course the ability to transfer parents property taxes when inheriting property; avoiding property tax reassessment and keeping ones tax base low through Prop 13, and even enabling loans to irrevocable trusts for middle class folks looking to even out conflicts between siblings who want to sell property versus the family members looking to keep inherited property… All states should be heading towards tax breaks for regular middle class people, not mired in absurd tax law clearly slated for billionaire tax cuts and wealthy corporate welfare… All states need a Proposition 13 and Proposition 58, to help middle class families – and not just clichéd jargon, but the real deal. Everyone who is expecting property, or is gifting property to offspring, should research https://www.boe.ca.gov/proptaxes/proptax.htm - to learn some critical facts on CA Proposition 58. Or https://propertytaxtransfertrusts.com and some other sites focused on California Proposition 13 and 193, and trust loans as well as tax breaks for home owners or soon to be beneficiary home owners. To learn more about how to keep parents property taxes and how to transfer parents property taxes, inheriting property taxes, or property tax transfer and parent to child transfer or parent to child exclusion -- at Websites like https://cloanc.com/category/prop-58 - to get all the facts. Then folks should email and call their lazy representatives to create and pass property tax measures that allow living is some comfort in this country – and not just if you’re a millionaire! For all people, middle class folks who simply make a nice living for example. When did it get to the point in America that the only way you could have a comfortable life with some security and safety is if you’re fabulously wealthy!?

Posted by: Geoffrey Sadler | May 22, 2020 7:18:30 PM

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