Sen. Kennedy on Taxing Unrealized Inheritance: This Is Only Pleasing to ‘Pink-Haired Wokers Who Carry Ziploc Bags of Kale’

CARLSON That was Sen ░░░░░░░░ Kennedy from Louisiana He ░░░░░░░░ of course at that ░░░░░░░░ He joins us tonight ░░░░░░░░ thanks so much for ░░░░░░░░ on So first to ░░░░░░░░ Yellen s suggestion that ░░░░░░░░ tax the increase in ░░░░░░░░ in assets that we ░░░░░░░░ we own I think ░░░░░░░░ average people literally average ░░░░░░░░ this means real estate ░░░░░░░░ what would that mean ░░░░░░░░ people who make 300 ░░░░░░░░ a year but whose ░░░░░░░░ has doubled in value ░░░░░░░░ s a lot of ░░░░░░░░ Where would they be ░░░░░░░░ this became law KENNEDY ░░░░░░░░ it s really pretty ░░░░░░░░ For the first time ░░░░░░░░ the history of ever ░░░░░░░░ Biden and Secretary Yellen ░░░░░░░░ to tax unrealized gains ░░░░░░░░ inherited property Let me ░░░░░░░░ what that means Suppose ░░░░░░░░ have a young widow ░░░░░░░░ three children she never ░░░░░░░░ She goes and buys ░░░░░░░░ 000 home to raise ░░░░░░░░ kids and she raises ░░░░░░░░ kids in the home ░░░░░░░░ s not rich she ░░░░░░░░ but her main asset ░░░░░░░░ only asset is her ░░░░░░░░ 50 years later she ░░░░░░░░ As a result of ░░░░░░░░ and appreciation over 50 ░░░░░░░░ her 150 000 home ░░░░░░░░ now worth 1 75 ░░░░░░░░ She leaves her home ░░░░░░░░ her kids Under current ░░░░░░░░ her kids would not ░░░░░░░░ to pay any income ░░░░░░░░ on that home that ░░░░░░░░ didn t sell the ░░░░░░░░ They wouldn t have ░░░░░░░░ pay any inheritance tax ░░░░░░░░ but that s a ░░░░░░░░ issue But under the ░░░░░░░░ Yellen rule those kids ░░░░░░░░ automatically be taxed on ░░░░░░░░ full value of the ░░░░░░░░ whether they sold it ░░░░░░░░ not Now it s ░░░░░░░░ little bit more complex ░░░░░░░░ that but the point ░░░░░░░░ those kids are not ░░░░░░░░ to have the money ░░░░░░░░ pay the taxes So ░░░░░░░░ re going to be ░░░░░░░░ to do a fire ░░░░░░░░ on the home that ░░░░░░░░ mom worked for just ░░░░░░░░ pay the taxes And ░░░░░░░░ this the United States ░░░░░░░░ never done this never ░░░░░░░░ is going to affect ░░░░░░░░ and millions of middle ░░░░░░░░ Americans It s going ░░░░░░░░ maul the real estate ░░░░░░░░ and the market for ░░░░░░░░ long term assets And ░░░░░░░░ guess the moral of ░░░░░░░░ story is this is ░░░░░░░░ happens this is what ░░░░░░░░ when you have a ░░░░░░░░ and a treasury secretary ░░░░░░░░ are on a mission ░░░░░░░░ God to please pink ░░░░░░░░ wokers who carry around ░░░░░░░░ bags of kale This ░░░░░░░░ what happens when you ░░░░░░░░ a president and a ░░░░░░░░ who want to tax ░░░░░░░░ and regulate America into ░░░░░░░░