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Jeff Bezos heirs would pay over $36B after Amazon founder s death if Biden tax plan succeeds

Jeff Bezos heirs would pay over $36B after Amazon founder s death if Biden tax plan succeeds
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Biden admin launches public request for feedback on federal gov t equity

Biden admin launches public request for feedback on federal gov t equity Ben Kesslen © Provided by NBC News In a first-of-its-kind effort, the Biden administration is asking people from both the public and the private sectors for their ideas about how to make sure the federal government equitably serves historically underserved communities. Responses to a request for information from the Office of Management and Budget, or OMB, would help identify gaps in budgeting and policy that aggravate inequality, particularly among communities of color, women, religious minorities, LGBTQ people, disabled people and rural communities, the agency said in announcing the initiative Tuesday.

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Biden Tax Rule Would Rip Billions From Big Fortunes at Death

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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Minnesota GOP lawmakers want insight into origins of AG Ellison s Big Oil lawsuit

Ellison ST. PAUL, Minn. (Legal Newsline) - Republican lawmakers are considering launching an investigation to review the origins of Minnesota Attorney General Ellison s climate change lawsuit against Big Oil. Rachel Aplikowski, communications director for the Senate Republican Caucus, said the use of outside counsel to pursue the litigation and whether Ellison has been completely transparent about the foundation of the case is raising concerns among leadership. I am very concerned about any outside influence on the duties and responsibilities of the Minnesota AG’s office, Aplikowski said. Minnesotans deserve an Attorney General’s office that is focused on the most pressing needs of Minnesotans, not on the wish list of liberal, special interest groups from New York.

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Biden tax rule would take billions from biggest fortunes at death

Biden tax rule would take billions from biggest fortunes at death Ending the step-up in basis and raising the capital gains tax rate would amount to the biggest curb on dynastic wealth in decades. May 4, 2021 8 MINS 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 their fortunes tax-free at death. Under current rules, whoever inherits the Amazon shares Bezos bought in 1994 for $10,000, which are 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

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