Tax Foundation: Biden Estate Tax Increase Would Reduce Economic Activity by $46B Annually

The non-partisan Tax Foundation reports that Democratic presidential candidate Joe Biden’s proposals would “tax wealth at death — by as much as 67%.”

According to the Foundation, this would be accomplished by taxing unrealized capital gains at death for certain taxpayers, and by reducing the estate tax exemption to $3.5 million and increasing the estate tax’s top rate to 45%. Biden’s estate tax plan would reduce economic activity by $46 billion annually, the Foundation says. 10/28/2020