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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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