gift

Why Progressives Should Push To Scrap The Estate And Gift Tax

During the 2020 Presidential campaign Democratic candidates have made many proposals for changes to the tax code, ranging from changes to the tax rates to the imposition of new 5% excise tax and a national sales tax. As the Democratic Nominee for President, Joe Biden has a tax plan that includes the following proposals:

·        Eliminate the step-up of the cost-basis for inherited property,

·        Increase estate and gift tax rates by an unspecified amount (it is now 40%), and

·        Decrease the estate tax exemption from $11.58 million to $3.5 million, and the gift tax exemption from $11.58 million to $1 million.

The proposal for changes to the Estate and Gift taxes reverses the long-standing policy on reforms to the tax code made ever

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