Passing wealth onto heirs would become more expensive under former vice president Joe Biden's tax plan, according to an analysis by the Tax Policy Center. Here's what to expect.
"It's an enormous loophole in the law, the step-up in basis," said Jonathan Blattmachr, estate attorney and principal at InterActive Legal. "You get the step-up in basis even if you don't pay the estate tax."
The capital gains tax bite under the former vice president's plan would also be harsher than it is now.is 20% for single households with more than $441,451 in taxable income in 2020. There's also still uncertainty on how the tax would ultimately look if it were implemented under a Biden administration.
But if this tax on unrealized gains came to pass, people will need to rethink the way they manage their investments and their estate plans.
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