Jeff Bezos' heirs would have to pay tens of billions of additional taxes on his ~$180B untaxed capital gain at death if Biden's tax plan becomes law…
ceteris paribus
40% estate tax would also apply after ~43% cap gains and Medicare taxes plus potentially some state tax too. Under current law, the never-taxed capital gain goes to zero at death no matter how large.
You can probably still avoid most of the taxes if you plan on giving your money away.
A Republican tax proposal from John Thune and endorsed by most GOP senators would eliminate federal estate tax, including on Jeff Bezos, saving his heirs ~40% of his final net worth.
Just checked: Washington state also has its own 20% estate tax.
Napkin math: Possible ~$100B difference between Biden proposed tax bill for Bezos at death & Senate GOP leadership-backed tax bill.
That's almost exactly $300 per American.
McConnell doesn't like the idea of taxing capital gains at death and back's Thune's estate tax repeal.
Earlier thread on GOP effort to nix the estate tax, including for Jeff Bezos:
Biden's plan specifically targeting this strategy:

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More from @StevenTDennis

2 May
I haven't heard this complaint about Fox News before.
Apparently a senator getting his news from Fox News ... chyrons? That is if I'm reading this tweet correctly. Not 💯% sure.
Also, I think if Google had been named Goggle we still would all be using it and we'd all be Goggling everything. "What have you Goggled today" and so on.
Read 4 tweets
1 May
One proposal with few visible opponents among the voting public but never seems to get anywhere in Congress:

A la carte cable.
There are conservatives who would love to stop paying MSNBC every month and liberals who would love to stop paying for Fox; people who wonder why their bill includes a massive payment to some billionaire team owners for a local sports network they never watch, and on and on.
You can cut the cord, but streaming services don't yet offer rifle shot a la carte subscriptions to each of the channels you want.
Read 4 tweets
30 Apr
Biden targets a tax break for rich real estate investors that allows them to avoid ever paying capital gains tax…
Folks may not know this, but real estate investors can often flip their profits into new properties without paying tax through this tax break. And when they die, all their accumulated cap gains winnings die with them.
So Biden would nix the tax break on real estate gains above $500K, and then, when you die, unrealized cap gains >$1M would be taxed.

Smaller-time investors wouldn't see a change.
Read 4 tweets
29 Apr
Biden tax plan expands marriage penalty for some wealthier two-income couples on combined income north of $509K…
Admin says tax hike will hit ~1% highest earning taxpayers + corps. The big cap gains hike is limited to taxpayers with income exceeding $1M/Year - about 0.3% of taxpayers.
There's an existing marriage penalty for some very high-income couples written into Trump's tax law.
Read 6 tweets
29 Apr
This viral tweet is fake. Senator Ernst's poster had "TAX INCREASE" not "SEX BLIMPS" on her Liberal Fantasy Island poster. Several of the other items are doctored too.
The Green New Deal and Expand the Court weren't changed.
A *lot* of people appear to be thinking this satirical fake pic is the real thing.
Read 4 tweets
27 Apr
"Bait and switch" would imply Biden didn't propose all these things during his campaign for president. But...
Biden wanted a massive COVID relief package; it was a selling point in the GA Senate races. He proposed massive infrastructure, carbon, health, etc plans.

They were on his campaign website.
He telegraphed tax hikes on people making >$400K and corporations.
Read 4 tweets

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