People are starting to get excited about Congress planning on a new tax structure. Included in this project is the possibility of ending the Estate Tax. This tax has been a legacy killer to many Black families. When a patriarch/matriarch passes away the IRS will determine how much of an estate they are leaving to the rest of their family. If it reaches a certain amount the Estate Tax will kick in and deprive the heirs of significant inheritance. This can be averted with very expensive legal maneuvers ahead of the death. Publicly held Corporation owners (shareholders) are exempt of this onerous tax also. It is the middle class that is starting to build significant wealth that will be knocked to the “ground” by our government.
Newspaper publishers, farmers/ranchers, car dealers and various other types of business owners will be the ones who get hit the hardest. This year is a great opportunity for us to get ourselves organized and educate our elected officials to end this expensive predicament. Let us come together and deliver a final blow to this law that is intended to prevent up and coming business persons from building wealth for their children and grandchildren to last for centuries.
This reminds me of another opportunity we, as a people, had. It was the Homestead Grant Act of 1862. At the time America was expanding vastly via the Louisiana Purchase, Manifest Destiny (land grabbing from Spain, Mexico, and Native Americans). Through a simple application process American citizens and freed slaves could receive a land grant of 160 acres. All they had to do was work the land for at least five years. Unbeknownst to many of us our forefathers participated in this process. Many of us looked at the land handed down to us by our grandparents, great grandparents etc. We think it is nice but wait it is more than that. For many of us, the land we have inherited could be miniscule compared to the land our families originally had.