Biden Eying Long-Term Capital Gains TaxesIn campaigning, Biden called for taxing long-term capital gains as ordinary income for taxpayers with more than $1 million in annual income. Assuming you made more than $1 million annually and qualified for the 20% rate, your current long-term capital gains tax would be about $10,500. There are more than a few reasons the step-up in basis might survive a Biden tax overhaul. This argument is unlikely to find many sympathetic ears among Congressional Democrats, though: Just 0.1% of all deaths will be subject to the estate tax in 2020, according to the Tax Policy Center. That would include taxing capital gains at ordinary income levels and lowering the estate tax exemption to pre-Trump levels.

Source: Forbes November 10, 2020 19:30 UTC