"President Biden is working with Congress to secure investments for programs like paid leave and an expanded child tax credit. One of the ways he has proposed to pay for these programs is through changing the way capital gains are taxed. These reforms aren't just about raising money, they are about fundamentally reforming the tax system to ensure the wealthy pay their fair share.
President Biden has proposed changing the way property is taxed when it is passed on to heirs. Right now, when you sell a piece of property, you pay tax on the amount it increased in value since you purchased it. If you pass it on to an heir, that heir is treated as though they bought that property the day you died, so if they sell, they pay tax only on the increase in value during the time that they held the property.
That doesn't sound so bad, but this policy has allowed the wealthy to amass large fortunes. Millionaires and billionaires borrow against their assets, usually stock or real estate, but also art and collectibles, really anything a bank will lend against (and spend the debt money received (K.)). When those assets are transferred upon death, their heirs can sell the property without being taxed to pay off the debt.
This is one of the most popular ways the rich avoid taxation, and it must end." [1]
1. Biden's Tax Changes Won't Hurt Family Farmers
Vilsack, Tom. Wall Street Journal, Eastern edition; New York, N.Y. [New York, N.Y]. 09 Sep 2021: A.17.
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