1/20/2015
By Charles Payne, CEO & Principal Analyst

The estate tax is not just rich people's problem anymore. Soon, it is going to be a killer for the rich and the non-rich alike. Let's say your mom leaves you the house, it is worth $250,000, and later you sell it for $300,000. Today, your tax could be based on a $50,000 gain, but not if President Obama gets his way. If your mom and dad paid $50,000 for the house, your tax would be based on a gain of $250,000. It was a good way to soak in more dough and extract justice four years ago when it was harder for some Americans to buy homes.

Talk about double taxation! First, an inheritance tax, and then, a capital gains tax that reaches back to parents and grandparents as if meting out social justice.

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Charles Payne
Wall Street Strategies

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