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Ahead of 100th anniversary, Colonial Williamsburg VP discusses upcoming changes to Historic Area

Ahead of 100th anniversary, Colonial Williamsburg VP discusses upcoming changes to Historic Area
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Joe Biden Tax Rule Would Rip Billions From Big Fortunes At Death

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. ....

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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
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.

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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 transf ....

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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 ....

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