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Senate Dems propose capital gains tax at death with $1 million exemption

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Sen. Bernie Sanders, I-Vt., speaks at an event in Birmingham, Alabama, on March 26, 2021.

Andi Rice/Bloomberg via Getty Images

A group of Senate Democrats issued a proposal Monday to tax unrealized capital gains of wealthy estates at death.

The plan comes as President Joe Biden prepares to unveil a major infrastructure plan that’s expected to be financed largely by higher taxes on corporations and the wealthy.

The group of senators — Elizabeth Warren, Mass.; Chris Van Hollen, Md.; Cory Booker, N.J.; Sheldon Whitehouse, R.I.; and Bernie Sanders, I-Vt. — proposed getting rid of the so-called step-up in basis and taxing the capital gains of unsold assets at death.

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Source cnbc.com

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