Joe Biden would tax the estates of wealthy individuals at a rate as high as 67%, according to an analysis by the Tax Foundation, a nonpartisan think tank that examines the tax code.
That high rate is a combination of Biden’s plans for raising the capital gains and estate taxes for people who earned over $1 million annually before death.
Under Biden’s plan, unrealized capital gains would be taxed at 43.3% at death. That rate includes taxing those gains at ordinary income tax rates, which would be raised to 39.6% under the former vice president’s plan. It also includes a net investment income tax of 3.8%.
Biden would also lower the exemption for the estate tax to $3.5 million and raise the rate to 45%. Today, the exemption is set at over $11 million for individuals, and the rate is 40%. (Read more from “Biden’s Ridiculous Plan Would Tax Wealthy Estates as Much as 67%” HERE)