How Biden Would ‘Step Up’ Taxes on Inheritances: QuickTake

Taxing wealth as it passes from generation to generation is an issue that stokes passions on both sides of the U.S. political divide. President Joe Biden is reinvigorating the debate with a plan to target a tax break that benefits recipients of inherited property.

1. What does Biden want to do?

He proposes to repeala currently allowed tax adjustment known as step up in basis. Currently, when people die with stocks, real estate and other assets that grew in value during their lifetimes, heirs who inherit those assets don’t have to pay capital gains tax on any of ...