McConnell Decries Biden Proposals to Tax Capital Gains at Death

May 6, 2021, 8:06 PM

Senate Republican leader Mitch McConnell ripped President Joe Biden’s plan to end a tax break that lets the richest Americans transfer much of their wealth tax-free at death, calling it “a second estate tax.”

Biden’s proposal to boost taxes on capital gains in excess of $1 million is among the tax code changes he wants to make as part of an expansive package of spending on social programs. Current law allows heirs to use the market value of assets at the time of inheritance rather than the actual purchase price as the cost basis for capital gains when the ...

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