Democrats look to impose capital gains tax at death [View all]
Several Senate Democrats are pushing to boost federal revenue by taxing certain capital gains that are passed down after death.
Traditionally, unrealized capital gains have not been taxed, allowing wealthy individuals to transfer stocks, bonds and real estate investments to their children and grandchildren without the recipients being taxed.
Under current law, heirs don't have to pay tax on the capital gains that were accrued by an asset or investment before they received it. They only have to pay capital gains taxes on an inherited asset after they sell it, and they only have to do so for the amount the asset or investment appreciated after it came into their possession.
Democrats, led by Sens. Chris Van Hollen (D-Md.), say it's time for that to change.
Van Hollen has joined with Sens. Elizabeth Warren (D-Mass.), Bernie Sanders (I-Vt.), Cory Booker (D-N.J.) and Sheldon Whitehouse (D-R.I.) to introduce a proposal to close what they call the "stepped-up basis loophole by taxing the unrealized capital gains of fortunes on which the original owner never paid income or capital gains taxes."
https://www.msn.com/en-us/news/politics/democrats-look-to-impose-capital-gains-tax-at-death/ar-BB1f6dCC?li=BBnbfcQ&ocid=DELLDHP
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