Biden capital gains tax plan would raise $113 billion if step up in basis is killed, says Wharton CNBC 3 hrs ago Greg Iacurci
President Joe Biden is expected to propose higher capital gains taxes for people with incomes of more than $1 million. The top rate would rise to 39.6%, from 20%.
The policy would cost the U.S. $33 billion over a decade if it doesn t also eliminate the so-called step-up in basis at death, according to the University of Pennsylvania s Wharton School.
That s because the wealthy would likely use the rule more regularly to avoid tax, Wharton said. Biden s plan would raise $113 billion if it scraps the tax break for heirs.
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Biden s planned capital gains tax hike could slash US revenue by $33B, study shows
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