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Senate Democrats propose capital-gains tax at death with $1 million exemption

Posted on AllSides March 30th, 2021
From The Center

A group of Senate Democrats issued a proposal Monday to tax unrealized capital gains of wealthy estates at death.

The plan comes as President Joe Biden prepares to unveil a major infrastructure plan that’s expected to be financed largely by higher taxes on corporations and the wealthy.

The group of senators — including Sens. Elizabeth Warren, Mass.; Chris Van Hollen, Md.; Cory Booker, N.J.; Sheldon Whitehouse, R.I.; and Bernie Sanders, I-Vt. — proposed getting rid of the so-called “step-up in basis” and taxing the capital gains of unsold assets at...

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