U.S. President Joe Biden delivers remarks on the economy during a visit to Cuyahoga Community College in Cleveland, Ohio, May 27, 2021.
Evelyn Hockstein | Reuters
The wealthy may have a whole other reason to dread President Joe Biden’s proposal to overhaul taxes on inheritances: They may have to dig through decades worth of documents to figure out what they owe Uncle Sam.
To help fund his American Families Plan, Biden is proposing higher taxes on capital gains and income for the wealthiest families.
He is also calling for the elimination of a decades-old loophole that allows individuals to inherit appreciated assets at market value with no taxes on the unrealized gain. This tactic is known…