Destroying your LIFE SAVINGS Biden Estate Tax Plan repeal of the stepped up basis capital gains tax

Biden Estate Tax Plan repeal of the stepped-up basis and require huge capital gains tax. What people are really worried about is the repeal of the stepped-up basis. This would require capital gains tax on lots of assets. 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%.

0:00 Start
0:32 New Numbers
0:46 Gift Tax
1:02 Federal Estate Tax Exemption
2:06 Biden Reduction
3:02 Repeal Step-Up Basis
4:15 How Repeal affects YOU
5:40 Avoiding Filibuster

YOUTUBE Playlist:

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[stephencortes]

It will be interesting to see what happens to capital gains if anything

[Postdirt]

That “small percentage” of tax payers that have to worry about this is almost every family farm.

[rachelg]

People are so unaware of this bullsht. Its the tax on unrealized gains as well that is horrible. .

[pappabear]

If he repeals the step up in basis, people who inherit family homes in the city or the suburbs will take a bath in capital gains tax. The majority may have to sell.

[ecnamrofrepikol]

anytime someone is this enthusiastic about purposed tax changes i know im about to get pissed on and told its raining.

[sandrateer]

when calculating the value of the estate is fair market value use or is it the basis of the assets owned by the estate?

[MWDrone]

Why will it only effect 0.05 percent of Americans? Sorry I'm a little slow.

[kea]

Biden can pass a reconciliation bill which will require just 50 votes and VP Harris 1 vote and thereby bypassing the 60 votes needed to pass the repeal of the stepped up tax basis.