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Estate tax changes will slam farmers, who have sway in key swing states, say GOP lawmakers
foxbusiness.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from foxbusiness.com Daily Mail and Mail on Sunday newspapers.
Former Office of Management and Budget Director and former White House chief of staff Mick Mulvaney discusses stimulus, unemployment and taxes.Â
Republicans are not convinced that President Biden’s plans to shield farmers and small business owners from changes to death taxes are practical –potentially putting millions of family-owned businesses at risk.
A White House official told FOX Business that Biden the American Families Plan will include protections for family-owned businesses and farms so that they do not get hit by the president’s desire to eliminate stepped-up basis.
But California Rep. Kevin Brady, the top Republican in the tax writing House Ways and Means Committee, said he has not yet seen any specific details about including that provision.
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.
Jeff Bezos heirs would pay over $36B after Amazon founder s death if Biden tax plan succeeds
financial-planning.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from financial-planning.com Daily Mail and Mail on Sunday newspapers.
Biden Tax Rule Would Rip Billions From Big Fortunes at Death
Bloomberg 5/4/2021 Caleb Melby and David Kocieniewski
(Bloomberg) 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. © Bloomberg Amazon CEO Jeff Bezos Speaks At Air Force Association Air, Space & Cyber Conference
Jeff Bezos
Photographer: Andrew Harrer/Bloomberg
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
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