Page 6 - Forrest Mars Jr News Today : Breaking News, Live Updates & Top Stories | Vimarsana

The Amazon.com Inc. founder s heirs may have to pay more than $36 billion. Jeff Bezos has an ex-wife, a girlfriend, four children and billions of reasons to watch whether Joe Biden s tax overhaul wins congressional approval. The Amazon.com Inc. founder s heirs may have to pay more than $36 billion if the president succeeds in closing a loophole that helps the rich transfer much of their fortunes tax-free at death. Under current rules, whoever inherits the Amazon shares Bezos bought in 1994 for $10,000, worth $180 billion today, will receive a so-called step-up in basis, wiping out any capital gains tax liability. Biden s plan would close that loophole and apply the top capital gains tax immediately when assets transfer to wealthy heirs. If the rate increases it s 20% for holdings like Bezos s, and Biden has called for boosting it to 39.6% the eventual tax bill would too.

National bureau of economic researchUnited statesSan franciscoJohn riccoDonald trumpChye ching huangJeff bezosJoe bidenForrest mars jrSumner redstoneFrank clementeLaurene powell jobsGeorge lucasMelinda gatesBarack obamaGeorgew bush