Biden’s New Death Tax Would Tax Millions Who Are Currently Exempt From Estate Taxes

Biden’s New Death Tax Would Tax Millions Who Are Currently Exempt From Estate Taxes
The Internal Revenue Service (IRS) building is seen in Washington on Feb. 19, 2014. Jim Watson/AFP/Getty Images
Hank Adler
Updated:
Commentary

The Biden Budget Plan would subject millions of Americans to a new death tax. Biden’s proposal is to implement a capital gains tax at death on previously untaxed appreciation of asset values during life. Taxpayers with net worths not remotely near the current $11.7 million estate tax exemption would be captured in the net of that new death tax.

Hank Adler
Hank Adler
Author
Mr. Hank Adler is the Burra Executive Professor of Accounting at Chapman University. He was in public accounting for almost thirty-four years, the last twenty as a partner at Deloitte & Touche.
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