(Letter to the Editor - Graphic Illustration/MetroCreativeConnection)

Inside Joe Biden’s massive tax proposal is a hidden new death tax, which if enacted would force middle class families to pay a crippling tax bill and possibly even sell their homes when a loved one dies.

The death tax is a punishing tax levied on one’s entire estate when they pass away. The current death tax is bad enough. Many Americans fall beneath the threshold to pay, but not with Biden’s new proposed death tax.

To grab more of Americans’ money, Biden has drafted a change to the tax code, an accounting gimmick called the “step-up” in basis.

If one bought a home years ago and it has gone up in value since then, under current law if one passed away and left the home to their family, the family would receive the home at its current market value and not pay taxes on the appreciation. This is the “step-up” in basis Biden seeks to eliminate.

If Biden succeeds, when one passes their home to a loved one, the loved one(s) would be forced to pay taxes on the difference between current value and the original purchase price.

For home owners who owned their home for decades, this could be a huge tax bill. So huge many families would be forced to sell their home, just to pay the IRS in the midst of their grieving over the loss of the loved one.

If the deceased started a business from scratch and grew it or had an investment portfolio that performed well over the years or owned anything else that increased in value (like antiques, jewelry or precious family heirlooms), the IRS would get a huge chunk of everything.

There are no exceptions. This isn’t just a tax on the wealthy. The new death tax would penalize everyone. Biden and the Democrats may attempt to pass this unpopular bill by attaching it to essential legislation.

This should be a non-partisan issue. No matter one’s political affiliation, no one should want their family to lose everything to the IRS in taxes. The death tax should be eliminated, not increased.

Everyone should contact their elected representatives and tell them to oppose Biden’s new death tax (and considering today’s economy, any other tax increase).

My source of information for this letter is the 60 Plus Association.

Steve Wolverton

Parkersburg