Democratic Primaries
Related: About this forumThis is how Joe Biden will tax generational wealth transfer
I am glad they are eliminating the loophole for a step-up in basis even if you dont pay the estate tax. This loophole puts the heir in an even better position then the decedent. By taxing the unrealized gain at death, heirs would get hit at the transfer, regardless of whether they sell the asset.
https://www.cnbc.com/2020/03/13/this-is-how-joe-biden-will-tax-generational-wealth-transfer.html
The Democratic presidential contender proposed a raft of tax policy changes that would raise levies on the wealthy, including boosting individual income tax rates on households with taxable income over $400,000, according to the centers study.
Biden has also set his sights on estates, but is taking a different tack from merely raising rates on wealth transfer.
He would levy a tax on unrealized appreciation of assets passed on at death, the center found.
primary today, I would vote for: Joe Biden
at140
(6,134 posts)primary today, I would vote for: Undecided
Hoyt
(54,770 posts)primary today, I would vote for: Joe Biden
kurtcagle
(2,321 posts)There is no more powerful wealth transfer mechanism to the wealthiest 0.1% than kneecapping the estate tax.
primary today, I would vote for: Joe Biden
MRDAWG
(501 posts)now there is really no estate/gift tax.
When my mother died in 1976 I paid just over $10,000 in estate tax. Her estate was valued at $120,000 and I got a $60,000 exemption!
primary today, I would vote for: Joe Biden
drmeow
(5,285 posts)Income is income is income - people who live off dividends shouldn't pay lower taxes than people who earn salary and wages.
primary today, I would vote for: Joe Biden