Passing wealth onto heirs would become more expensive under former vice president Joe Biden's tax plan, according to an analysis by the Tax Policy Center. Here's what to expect.
"It's an enormous loophole in the law, the step-up in basis," said Jonathan Blattmachr, estate attorney and principal at InterActive Legal. "You get the step-up in basis even if you don't pay the estate tax."
The capital gains tax bite under the former vice president's plan would also be harsher than it is now.is 20% for single households with more than $441,451 in taxable income in 2020. There's also still uncertainty on how the tax would ultimately look if it were implemented under a Biden administration.
But if this tax on unrealized gains came to pass, people will need to rethink the way they manage their investments and their estate plans.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Democratic delegate count update: Primary results for Joe Biden, Bernie Sanders and Tulsi GabbardThe former vice president is leading the delegate after three big wins on Super Tuesday 2.
Read more »
Big Michigan Turnout a Boost for Joe Biden—and a Warning for President TrumpPolitical analysts said Joe Biden’s big Michigan victory on Tuesday suggested the state likely would be tougher for President Trump to win this year than in 2016, when he carried it by fewer than 11,000 votes.
Read more »
Fox News Legal Analyst Thinks Joe Biden May Choose A 'Surprising' Running MateAndrew Napolitano suggested Barack Obama&39;s vice president may "do something off the wall."
Read more »
Joe Biden Is a Tool (But Progressives Can Use Him)Biden’s (likely) nomination is cause for disappointment but not despair.
Read more »
Joe Biden Surged During Last Night’s Primaries, Adding to His Lead over Bernie Sanders.JoeBiden surged during yesterday's Democratic primaries, claiming Michigan, Missouri, Mississippi and Idaho. 6/10 Michigan voters support M4A, but believe Biden is more electable than BernieSanders. Why?:
Read more »
Joe Biden takes a big step closer to the Democratic nomination with Michigan primary victoryJoe Biden continued a run of early success as he tried to put distance between himself and Bernie Sanders in his push for his party's nomination.
Read more »