The Proposed Tax Increase Made By Obama, in the Shadows

:

“In another sign of just how challenging it may be for President Biden to win support for his proposed tax hikes even among Democrats, Bloomberg News reports that staffers for House Ways and Means Chairman Richard Neal have floated an idea to chip away at a key element of Biden’s plan to raise taxes on the wealthy.

Biden has proposed ending the so-called “step up in basis” that allows heirs to reset the cost basis of inherited assets based on market value at the time of inheritance. As it now stands, that step up in basis enables heirs to avoid paying capital gains taxes on years’ worth — or decades’ worth — of appreciation in asset values after their initial purchase, allowing accumulated gains to be passed down, untaxed, from generation to generation, which the White House and others argue exacerbates inequality.

Biden has proposed raising the capital gains tax rate for households making over $1 million from 20% to 39.6%, putting it on par with the tax rate on earned income. In tandem with that, he has proposed eliminating the step up in basis for gains over $1 million (or $2.5 million per couple), with exceptions for family-owned businesses and farms. The Tax Policy Center estimates that, in all, Biden’s changes to the capital gains tax would raise about $370 billion over a decade. The more conservative-leaning Tax Foundation estimates that the changes would raise about $213 billion over a decade.”

Sorce: https://finance.yahoo.com/news/democrats-consider-chipping-away-biden-225629569.html

What is neither fully understood no accknowledged by Democrats is tha, if you remove X number od billions of dollars from the “wealthy”, you remove that much from the economy.  You, as an individal, may hate the Rich, but it is their money that makes everything work.    I am not talk8ing about rat turds like Mark Zuckerberg   I am not talk8ing about con men like Elon Musk.  I am talking about the people who make things happen in the real world.