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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

United statesAndrew harrer bloombergJohn riccoDonald trumpChye ching huangJeff bezosDavid paul morris bloombergJoe bidenForrest mars jrSumner redstoneFrank clementeLaurene powell jobsGeorge lucasMelinda gatesBarack obamaSteve jobs

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

United statesJohn riccoDonald trumpChye ching huangJeff bezosJoe bidenForrest mars jrSumner redstoneFrank clementeLaurene powell jobsGeorge lucasMelinda gatesBarack obamaGeorgew bushSteve jobsOwen zidar

Biden Tax Rule Would Rip Billions From Biggest Fortunes at Death

Jeff Bezos Biden Tax Rule Would Rip Billions From Biggest Fortunes at Death Amazon.com Inc. founder Jeff Bezos heirs may have to pay more than $36 billion if President Joe Biden succeeds in closing a loophole that helps the rich transfer their fortunes tax-free at death. Caleb Melby and David Kocieniewski | May 04, 2021 (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 their fortunes tax-free at death.

United statesJohn riccoDonald trumpChye ching huangJoe bidenForrest mars jrSumner redstoneFrank clementeLaurene powell jobsGeorge lucasMelinda gatesBarack obamaGeorgew bushSteve jobsOwen zidarLarry ellison

Biden tax rule would take billions from biggest fortunes at death

Biden tax rule would take billions from biggest fortunes at death
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United statesJohn riccoDonald trumpChye ching huangJeff bezosJoe bidenForrest mars jrSumner redstoneFrank clementeLaurene powell jobsGeorge lucasMelinda gatesBarack obamaGeorgew bushSteve jobsOwen zidar