New Biden Tax Law to Put 50% Tax on Life Insurance Payouts

Tax, Tax, Tax

Democrats are all about raising taxes. Tax, tax, tax. That’s all they know. When they can’t raise taxes anymore, they look for something else to tax. This time, it’s life insurance payouts.

Life insurance is a lifeline for many. The people that rely on this are going through some of the worst times of their life, the death of a loved one. In many cases, these people have nothing left, and the life insurance payout is a saving grace for them.

This money has always been tax-free, but now, Democrats are introducing legislation to tax it to kingdom come.

The new bill, written by none other than Pelosi and Biden, is called the Grieving Families Yield Act, or GFY for short. It will tax life insurance payouts 50 percent “for the benefit of society”.

Pelosi went on to explain the bill:

“These people don’t deserve free money just because someone died. That’s absurd! They need to earn their own money and quit living off the dole.

They will pay their fair share. That is why we are passing this bill. No more free money without paying your taxes!”

Republican Senator Joe Barron was quick to respond to the proposed bill, slamming it as” a terrible idea”

“Look, I don’t know what you’re talking about. No one even proposed such a thing. It’s like you’re just making up things to piss off boomers. And you know what, it’s great. Keep it up. They’re so gullible and easy go trick into believing anything. Hell, maybe I’ll start selling some Trump coins made from fake gold. They’d eat that up!

Well, time for me to go. You’ve given me quite the idea. I’m about to be even richer! The Trump family has nothing on my gifting abilities!”

Well, there you have it. Democrats bad. Republicans good. It’s really that simple.

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