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An Expensive Surprise for Rich Heirs Lurks Inside the Democrats' Tax Plan

The proposal aims to upend how the wealthiest 0.1% of Americans pass on their fortunes tax-free.

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House Democrats’ Tax Plan Includes 26.5% Top Corporate Rate
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The latest plan released by House Democrats scales back many of President Biden’s proposals to hike taxes on corporations and rich investors, as moderates and progressives tussle over how far to go to address inequalityBut they included an element the White House left out.

The package by the Ways and Means Committee calls for a revamp of the U.S. estate-and-gift tax, a levy on the country’s largest fortunes which has been greatly weakened over decades. If House Democrats have their way, rich Americans will soon be scrambling for new and probably more expensive ways to pass wealth onto heirs.