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Biden’s Options for Taxing the Wealthy

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Bloomberg looks at President Joe Biden’s economic team and their preferred policy options for raising taxes on the wealthy, especially for those who benefiting from the K-shaped recovery during the Covid-19 crisis.

The main three options on the table are:

  • “Removing ‘step up in basis’ for estates, which revalues assets such as stocks and real estate at market prices, rather than their original purchase cost — reducing tax liabilities.”
  • “Taxing capital gains for wealthy Americans at income-tax rates, which are higher.”
  • “A minimum tax for large companies.”
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About Political Wire

goddard-bw-snapshotTaegan Goddard is the founder of Political Wire, one of the earliest and most influential political web sites. He also runs Political Job Hunt, Electoral Vote Map and the Political Dictionary.

Goddard spent more than a decade as managing director and chief operating officer of a prominent investment firm in New York City. Previously, he was a policy adviser to a U.S. Senator and Governor.

Goddard is also co-author of You Won - Now What? (Scribner, 1998), a political management book hailed by prominent journalists and politicians from both parties. In addition, Goddard's essays on politics and public policy have appeared in dozens of newspapers across the country.

Goddard earned degrees from Vassar College and Harvard University. He lives in New York with his wife and three sons.

Goddard is the owner of Goddard Media LLC.

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