One of the most impactful–but least discussed parts– of the recently released Joe Biden tax plan is the elimination of the “step-up-in-basis” upon death. Many American families have enjoyed the ability to pass on appreciated assets like the family home, real estate, and stocks held at brokerages to the next generation without any capital gains tax. Whether you have built up a nice stock portfolio or paid off your home and hope to leave it to your kids, Biden’s plan would eliminate that privilege and impose a capital gains tax upon. But wait, there’s more! His plan also makes gains taxable at the ordinary income rate, rather than the lower capital gains rate. We’ll review the Tax Foundation’s analysis. Then Medicare expert Shelley Grandidge joins us. A really important show you don’t want to miss….MASTERING MONEY is on the air!!!
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