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Taylor Tepper - Forbes Advisor President Joe Biden campaigned on a promise not to raise taxes on middle-class Americans. But a little-known provision in his big social programs bill could do just that. Tucked away in the American Families Plan, is a proposal to change the way capital gains taxes are paid on estates when people pass away. This seemingly small revision to a tax rule called stepped up basis could cause average Americans to pay more to Uncle Sam than they would under the current tax regime, in addition to upending estate planning for the nationâs affluent and uber-wealthy. ....
Stepped Up Basis Reform: Biden’s Middle-Class Tax Hike? May 6, 2021 6:34 AM Taylor Tepper - Forbes Advisor Posted: Updated: May 8, 2021 6:32 AM President Joe Biden campaigned on a promise not to raise taxes on middle-class Americans. But a little-known provision in his big social programs bill could do just that. Tucked away in the American Families Plan, is a proposal to change the way capital gains taxes are paid on estates when people pass away. This seemingly small revision to a tax rule called stepped up basis could cause average Americans to pay more to Uncle Sam than they would under the current tax regime, in addition to upending estate planning for the nation’s affluent and uber-wealthy. ....
It May Be Time to Start Worrying About the Estate Tax nytimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from nytimes.com Daily Mail and Mail on Sunday newspapers.