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Middle income families are lashing out against 's punitive new tax plan that would claim a large chunk of the amount someone leaves to their kids when they die just because it has gone up in value over the course of their lifetime. The harsh new tax - dubbed Biden's 'death tax' - is hidden in his American Families Plan and it's receiving ferocious backlash.  
  
It proposes that when someone dies, any asset they leave behind that has appreciated in value to more than $1million since the time they bought it should be taxed. The tax rate would go as high as 40% - double what it is now - and it applies to how much the asset has appreciate.  
So someone who inherited a house their mother and father paid $250,000 for but that's now worth $2.5million would have to pay tax on the difference.  Currently, the only capital gains taxes people pay on inherited assets is what they pay when they sell it, and even then it is 23 percent.The current law allows families with few cash assets to keep valuable property, stocks or businesses in the family, passing them down for generations without anyone being given a huge tax bill.Previously, the only people who had to pay tax when they inherited money or assets were those who inherited $11.7million or more because they would be liable for an estate tax.  
  
That still has to be paid - so those heirs would pay a death tax twice. But the proposed change to the capital gains widens the net drastically - a recent survey found there are at least 3million homes across America worth at least $1million.Under Biden's plan, death tax wouldn't just be for the super wealthy but also people whose parents or grandparents worked their whole lives to make shrewd investments - and never thought they'd have to share the reward with Uncle Sam. 'WE WORKED OUR WHOLE LIVES TO BUILD A HOME WE COULD LEAVE TO OUR KIDS - NOW THEY MIGHT NOT BE ABLE TO AFFORD TO KEEP IT' Judi Desiderio, 63, is the CEO of Town & Country Real Estate in Long Island.  
  
She and her husband bought a vacant lot of land in East Hampton, Long Island, in 2000 for $550,000. They spent several years building the property and it's now worth an estimated $6million. They plan to retire there and eventually leave the home to their two adult sons - aged 27 and 34 - but she now worries they'll have to sell it to be able to pay Biden's tax bill, if it becomes law. 'This affects homeowners all over New York and Long Island - it is not a high threshold,' she said. If you have any questions relating to where by and how to use big firm lawyer salary [http://www.musicrush.com/], you can make contact with us at the page.   She's also worried about how much the property will be worth by the children inherit it. 'We bought the lot in 2000 for just over $500,000 and we spent a lot of time and money building it.  
  
Now, it's worth around $6million.  Judi Desiderio, 63, is the CEO of Town & Country Real Estate in Long Island.  
  
She and her husband John bought a vacant lot of land in East Hampton, Long Island, in 2000 for $550,000. They plan to retire there and live out their days then leave it to their adult sons but they now worry they won't be able to afford the capital gains tax on it without selling it - which would ruin their dream of them raising their kids there  Judi Desiderio, 63, and her husband bought the vacant plot of land their home is now on in Long Island in 2000 for $550,000.  
  
Today, it's worth around $6million. They say they'll never leave - it's where they want to retire, and what they want to leave to their children. But she worries her kids wouldn't be able to afford the tax bill they received when they inherited the property, especially in strong markets where the value of homes is only going to keep going up over the next 30 years'We don't intend on leaving there - we plan to retire and live out our life, we love it here.  
  
We have absolutely no intention of leaving.  RELATED ARTICLES   
  
  
  
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'Our two sons will inherit it with their families but they'll have no choice but to sell it if by the time I drop dead, when that does happen - 20 years from now, let's hope. And I cant imagine how much more it's going to be [worth] by then. 'It's a money grab.  
  
It's punishing people and families that want to keep their family house in the family 'If they get slammed with the taxes - let's say in 20 years it's worth $18 million... the government may look just at the $550,00 we paid for the lot and then the kids will have no alternative but to sell the house they grew up in to meet the tax. 'It's a money grab. It's punishing people and families that want to keep their family house in the family. 'It'll make it impossible for the next generation. 'When you look at land values anywhere on Long Island and New York - people bought apartments for a couple hundred thousand, now they're worth millions. 'It's crazy to think that the next generation can pay that bill.'It's just unfair, especially considering every penny earned to get to this point we've already paid taxes on,' she said. 'THIS DOESN'T JUST HIT THE BILL GATES OF THE WORLD...  
  
THIS WILL HIT US TOO'Tom Hedger, 58, and his four brothers inherited their family's business when their father died in 2010.His father had started it in 1939 and grown it to a company with around 100 employees. They were hit hard in the recession and recovered in the years following his father's death. The business changed hands in a year where estate tax - levied against estates worth more than $11.7million (which theirs was) was suspended.  Lisa and Tom Hedger with their kids.  
  
Tom says it's 'twisted' the government thinks it is 'privy' to the assets the family has spent a lifetime building, and that the estate tax alone would cripple their businessHad it been applied, he says it would have crippled them - as it would now.  
Tom and Lisa Hedger's home in Maine which they bought to retire in for $800,000 in 2019 and which has already gained more than $400,000 in value, putting it in Biden's tax threshold'The perception is, "Oh, you have a $40million business, you're OK".  
  
But that's not $40million in the bank. 'We didn't have the cash on hand to pay the estate tax.  'You basically would have been had to liquidate a huge amount of that. 'It was a horrible time.' He is among many business owners who have long called for an end to the estate tax but now, they'd also be walloped with a capital gains bill under Biden's new plan. Hedger and his wife live in Maine.  
  
They bought their home for around $800,000 in 2019. Thanks to an influx of people moving from major cities to the area during the COVID-19 pandemic, their home has shot up in value and is now worth more than Biden's $1million threshold - but not by a huge amount.They also have three which they will use as their retirement business. The Hedger family runs an Airbnb business now in Maine.  
  
They own three properties which combined, would be taxed under Biden's plan They don't consider themselves to be extraordinarily wealthy but their children would be in for a huge bill on their property alone when they inherit it.  <div class="art-ins mol-factbox news halfRHS" data-version="2" id="mol-a58315b0-d04e-11eb-a42e-0d97f733e9bf" website disgust with Biden&apos;s &apos;death tax&apos; plan