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Under current law, capital gains are wiped out at death, eliminating capital gains taxes on assets that are passed along to heirs. An enormous boon for wealthy families, this wrinkle in the tax code costs the U.S. Treasury about $43 billion per year in lost revenues, according to estimates from Congress’s Joint Committee on Taxation. In his quest for both fairness and funds to help pay for his ambitious spending plans, President Joe Biden has proposed ending this “step-up in basis” loophole and requiring large estates to pay taxes on the assets they possess, with the gains pegged to the original purchase prices.