Axios morning email thingie tells us that the Rat Bastards are already preparing for our iron-fisted, socialist overlord [checks notes] Joe Biden to bleed them dry:
High-net-worth Americans are setting up trust funds, giving large gifts to heirs and philanthropies, and even selling family businesses as they brace for the tax hikes a Joe Biden presidency might bring, Axios’ Jennifer A. Kingson and Hans Nichols report….
Reality check: “Just 1.9 percent of taxpayers would see a direct tax hike” if Biden’s tax proposals for individuals were in effect in 2022, the Institute on Taxation and Economic Policy (ITEP) estimates.
- Many of Biden’s proposals would simply attempt to roll tax laws back to where they were when President Obama left office.
Yeah, the well-marbled are so a-feared of getting taxed that they are selling assets at a loss:
Family business owners who have been flirting with selling their companies are making a big rush to the exits:
- It takes months to close such a deal — and waiting until next year could mean paying 40% in taxes on the transaction vs. 20% this year, Joe Maier, an estate-planning attorney in Racine, Wis., tells Axios.
- Buyers are lowballing their bids — knowing that a seller could be grateful for a 10% smaller offer as long as the deal closes in 2020.
The ol’ Invisible Hand is telling me that if there is a glut of X on the market, the value of X goes down. So if the Rich want to garrotte themselves before Biden arrives, who am I to complain? Saves us work later to to mop up the streets ankle-deep with the blood of the oppressors.