026: Biden Estate Tax Plan could repeal the stepped-up basis and You pay Capital Gains

Biden Estate Tax Plan could repeal the stepped-up basis and You pay Capital Gains. There was talk during the transition that the federal estate tax exemption could be decreased to around $6 million per person with an increase in the Estate tax from 40% to 45%. That will affect very few taxpayers. The bigger worry is the possible repeal of the stepped up basis, which would require Americans to pay significant capital gains on assets they already own
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Cortes Law Firm
5801 Broadway Extension Hwy Suite 110 
Oklahoma City, OK, 73118
405-213-0856