Biden’s Options for Taxing the Wealthy

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.”