Biden's New Death Tax

This week, President Biden proposed taxing capital gains at death at a tax rate of 39.6 percent plus the 3.8 percent investment tax.

President Biden's new death tax would result in estates that currently are not remotely close to having sufficient net worth to pay a death tax paying a death tax.

It can be named a 'capital gains tax at death'; it is a new death tax.

For many others, estates that would have been passed tax-free to children would see very, very large percentages of their estates reduced by Biden's new death tax.

The Biden capital gains tax at death would eliminate the taxpayer's entire estate.

In other cases, Biden proposes to take most and in all cases, Biden proposes a new death tax out of whole cloth.

As a result, after the million dollar exclusion, Biden is proposing a new 43.4% death tax on existing royalty interests.

https://townhall.com/columnists/hankadler/2021/05/01/bidens-new-death-tax-n2588825