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Stepped Up Basis Reform: Biden's Middle-Class Tax Hike? | Investment


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 nation’s affluent and uber-wealthy. ....

United States , Mallon Fitzpatrick , Mike Piper , Taylor Tepper , Ed Slott , Joe Biden , Joseph Velkos , Uncle Sam , Grandma Moses , University Of Pennsylvania Wharton School , Tax Foundation , Key Private Bank , Stepped Up Basis Reform , Middle Class Tax , American Families Plan , Robertson Stephens Wealth , Internal Revenue Code , Will Mcbride , Capitol Hill , ஒன்றுபட்டது மாநிலங்களில் , மைக் பைபர் , டெய்லர் டெப்பர் , ஓஹோ பிடென் , மாமா சாம் , பாட்டி மோஸஸ் , பல்கலைக்கழகம் ஆஃப் பென்சில்வேனியா வார்டன் பள்ளி ,

Stepped Up Basis Reform: Biden's Middle-Class Tax Hike?


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. ....

United States , Mallon Fitzpatrick , Mike Piper , Taylor Tepper , Ed Slott , Joe Biden , Joseph Velkos , Uncle Sam , Grandma Moses , University Of Pennsylvania Wharton School , Tax Foundation , Key Private Bank , Stepped Up Basis Reform , Middle Class Tax , American Families Plan , Robertson Stephens Wealth , Internal Revenue Code , Will Mcbride , Capitol Hill , ஒன்றுபட்டது மாநிலங்களில் , மைக் பைபர் , டெய்லர் டெப்பர் , ஓஹோ பிடென் , மாமா சாம் , பாட்டி மோஸஸ் , பல்கலைக்கழகம் ஆஃப் பென்சில்வேனியா வார்டன் பள்ளி ,