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ANALYSIS: Biden Has A Hidden Plan To Confiscate Your Family’s Wealth

(Jim Watson/AFP via Getty Images)

Varun Hukeri General Assignment & Analysis Reporter
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President Joe Biden has proposed sweeping changes to the tax code, such as raising the corporate tax and capital gains tax rates. But one provision buried within a Treasury Department document in particular has businesses and families concerned the administration may be seeking to confiscate generational wealth.

To help finance its American Families Plan, the Biden administration has proposed eliminating the “step-up in basis,” an often undiscussed provision in tax law that applies to the taxation of capital gains at death. The move was officially proposed in a 114-page document — commonly known as the “Green Book” — published by the Treasury in May.