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Jeff Bezos' heirs would have to pay tens of billions of additional taxes on his ~$180B untaxed capital gain at death if Biden's tax plan becomes law https://www.bloomberg.com/news/articles/2021-05-04/biden-tax-rule-would-rip-billions-from-biggest-fortunes-at-death?srnd=premium&sref=fjrBr5qu
ceteris paribus
40% estate tax would also apply after ~43% cap gains and Medicare taxes plus potentially some state tax too. Under current law, the never-taxed capital gain goes to zero at death no matter how large.
You can probably still avoid most of the taxes if you plan on giving your money away.
A Republican tax proposal from John Thune and endorsed by most GOP senators would eliminate federal estate tax, including on Jeff Bezos, saving his heirs ~40% of his final net worth.
Just checked: Washington state also has its own 20% estate tax.
Napkin math: Possible ~$100B difference between Biden proposed tax bill for Bezos at death & Senate GOP leadership-backed tax bill.
That's almost exactly $300 per American.
McConnell doesn't like the idea of taxing capital gains at death and back's Thune's estate tax repeal. https://twitter.com/StevenTDennis/status/1382044262695636996?s=20
Earlier thread on GOP effort to nix the estate tax, including for Jeff Bezos: https://twitter.com/StevenTDennis/status/1372009184259112960?s=20
Biden's plan specifically targeting this strategy: https://twitter.com/StevenTDennis/status/1310549787079577601?s=20
