Wealthy may face up to 61% tax rate on inherited wealth under Biden plan
2021-05-04 08:47:11 source：CNBC
May 3, 2021
Wealthy families could face combined tax rates of as much as 61% on inherited wealth under President Joe Biden’s tax plan, according to a recent analysis and tax accountants.
As part of his American Families Plan, Biden is proposing to nearly double the top tax rate on capital gains and eliminate a tax benefit on appreciated assets known as the “step-up in basis.” Combining the estate tax, the new higher capital gains rate and the repeal of step-up in basis could bring total effective marginal rates as high as 61%, according to an analysis from the Tax Foundation.
The rate would be the highest such rate in nearly a century, according to the tax policy research group.
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