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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. ....
Biden Backs Discriminatory Death Tax on Homeowners cnsnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from cnsnews.com Daily Mail and Mail on Sunday newspapers.
Biden Backs Discriminatory Death Tax on Homeowners cnsnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from cnsnews.com Daily Mail and Mail on Sunday newspapers.
Stock Market Adds To Record Highs After Better-Than-Expected Unemployment Data forbes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from forbes.com Daily Mail and Mail on Sunday newspapers.
Updated: May 5, 2021, 10:29am Editorial Note: Forbes may earn a commission on sales made from partner links on this page, but that doesn t affect our editors opinions or evaluations. Getty President Joe Biden announced in a speech before a joint session of Congress that he wanted to raise taxes on the richest Americans by a lot. Jacking up the obligation to Uncle Sam on the top 1% of earners is politically popular, and will ostensibly be part of Biden’s plan to spend more money to help less affluent Americans. Proponents also emphasize how a higher tax rate will help reduce income inequality. ....