Biden Admin Moves to Tax Rich Families

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by Chris Black

How about you make stock buybacks illegal again? That way there isn’t as much incentive to buy stocks in the first place. We also wouldn’t get $2 trillion valuations for companies either.

Like, Apple has thousands of stores around the world that they can ship millions of phones to, and book them as sold. 

All major companies cook their books. What was illegal twenty years ago is a generally accepted accounting principle today.

 

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Biden’s move to tax rich families on inherited assets at the time of transfer — ending the so-called step-up in basis measure — is absent from the House plan unveiled Monday. His top capital gains tax rate of 39.6% gets weakened to 25%. There is a 3% surtax on incomes exceeding $5 million, but the principle of bringing levies on investments more into line with wage-earners’ incomes is eroded.

While Senate Finance Committee Chairman Ron Wyden hinted at addressing step-up in basis, such a gesture faces opposition from moderate Democrats in the upper chamber. Farm-state lawmakers have voiced particular concern about doing away with tax-free transfers of inherited assets, even though family farms were specifically marked out as an exception by Biden. –Bloomberg

 

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