Democrats Mull Weakening Biden Tax on Capital Gains for Estates

May 20, 2021, 11:48 AM

The Biden administration’s proposal to dramatically expand the inheritance tax bill for wealthy Americans is running into some headwinds with Democrats on Capitol Hill, showcasing nervousness about the scope and size of elements of the White House’s ambitious tax plans.

President Joe Biden’s sweeping expansion of social spending programs would be financed in part by tax hikes on the rich. A key element of that is ending “step-up in basis,” which allows heirs to use the market value of assets at the time of inheritance -- rather than the historical purchase price -- as the cost basis for capital ...

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