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Democrats Weigh Capital Gains Tax Hike for Millionaires at Death

March 29, 2021, 8:49 PM

Senate Democrats are circulating a plan that would trigger tax bills on the assets of the wealthy after they die as the lawmakers seek new sources of revenue to fund trillions of dollars in infrastructure spending and social programs.

The draft legislation would seek to end a long-standing feature of the tax code that allows many assets, including property, stocks, bonds and businesses to be passed onto heirs without immediately generating tax bills. Democrats have been seeking to tax these assets for years, and President Joe Biden during his campaign endorsed the idea.

Current tax law allows many people to ...