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Democrats Mull Weakening Biden Tax on Capital Gains for Estates


Democrats Mull Weakening Biden Tax on Capital Gains for Estates
Bloomberg
2 hrs ago
© Bloomberg
House Democrats, Biden At Odds Over Enhanced Child Tax Credit
(Bloomberg) The Biden administration’s proposal to dramatically expand the inheritance tax bill for wealthy Americans is running into some headwinds with Democrats on Capitol Hill, showcasing nervousness about the scope and size of elements of the White House’s ambitious tax plans.
President Joe Biden’s sweeping expansion of social spending programs would be financed in part by tax hikes on the rich. A key element of that is ending “step-up in basis,” which allows heirs to use the market value of assets at the time of inheritance rather than the historical purchase price as the cost basis for capital gains. ....

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Pascrell, Menendez Highlight Student Loan Debt Crisis on Montclair State Campus


Pascrell, Menendez Highlight Student Loan Debt Crisis on Montclair State Campus
By MARK GREENBAUM
Rep. Bill Pascrell
Rep. Bill Pascrell
Credits: Mark Greenbaum
Student debt tax relief in American Rescue Plan paves way for federal action
U.S. Rep. Bill Pascrell, Jr. (D-NJ-09) and U.S. Sen. Bob Menendez (D-NJ) today were joined by students, administrators, and higher education advocates at Montclair State University to highlight the student loan debt crisis. A provision in the American Rescue Plan authored by Pascrell and Menendez paves the way for President Biden would make college loan forgiveness tax-free and eliminate thousands of dollars in surprise tax bills. ....

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