Biden's New Death Tax
This week, President Biden proposed taxing capital gains at death at a tax rate of 39.6 percent plus the 3.8 percent investment tax. He proposed a $1 million exemption. For an individual with less than $11.8 million in net worth, this would create a new death tax from whole cloth.
President Biden’s new death tax would result in estates that currently are not remotely close to having sufficient net worth to pay a death tax paying a death tax. It can be named a ‘capital gains tax at death’; it is a new death tax.
For a long-term real estate investor, President Biden’s plan could confiscate an entire estate. For many others, estates that would have been passed tax-free to children would see very, very large percentages of their estates reduced by Biden’s new death tax. Read more: