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