By Hans Bader | July 19, 2021 | 11:32am EDT
Joe Biden participates in a debate. (Photo credit: JIM WATSON/AFP via Getty Images) Biden s new death tax hits the middle class while excluding certain wealthy investors, notes
Reason magazine. The proposed death tax, contained in Biden s American Families Plan, is discriminatory, treating individuals with identical net worths very differently.
Biden s plan would impose the capital gains tax on people s estates (when they die), while almost doubling the current capital gains tax rate. With a major exception for large investors, it would make these changes without grandfathering existing unrealized capital gains,
Reason says. For example, a single person with a reasonable mortgage could have her residence s value eaten away by the new tax upon her death.
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