Democrats Mull Weakening Hefty Biden Estates Tax

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The Biden administration’s proposal to dramatically expand the inheritance tax bill for wealthy Americans is running into some headwinds with Democrats on Capitol Hill, showcasing nervousness about the scope and size of elements of the White House’s ambitious tax plans.

President Joe Biden’s sweeping expansion of social spending programs would be financed in part by tax hikes on the rich. A key element of that is ending “step-up in basis,” which allows heirs to use the market value of assets at the time of inheritance — rather than the historical purchase price — as the cost basis for capital gains.

Instead of hitting heirs with a hefty tax payment at the time of the death of their benefactor, staff for House Ways and Means Chair Richard Neal have floated allowing the beneficiaries to defer the bill as long as they hang on to the asset, according to people familiar with the matter.

Read more at NEWSMAX.

{Matzav.com}

2 COMMENTS

  1. Much I oppose Biden’s tax and spend liberalism I never understood why people who inherit property don’t inherit it with the same basis as the deceased had

    • 2:30, because the estate tax, when applicable, already taxes the estate at the fair market value at the time of death.
      Now if you get rid of the estate tax altogether, then your proposal would make sense.

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