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Biden’s Tax Plan Is a Middle-Class Death Tax Dressed as a Capital Gains Tax on the Rich
Biden’s plan means that heirs would pay tax on the increase in value from when the ancestor purchased the asset to when the heir sold the asset. For businesses passed down through multiple generations, this can significantly magnify the tax bill.. Also requires that heirs pay the tax when they inherit assets, not when they sell them..Rather than the family home, farm, or business being taxed when the last heir finally sells it, it would be taxed each time it moved from one generation to the next.
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