'The Treasury Department estimates that the Billionaires' Minimum Income Tax would raise $361 billion over a decade.'
The Billionaires' Minimum Income Tax included in the budget plan released by President Biden on March 28 would limit an unfair tax break for capital gains income and complement proposals the president has offered previously to limit other tax breaks for capital gains. The new proposal would be phased in for those with net worth between $100 million and $200 million, and the Biden administration estimates that the majority of the revenue would be collected from billionaires.
Second, if an individual dies and transfers an asset to heirs, the unrealized capital gain, which can be a significant amount of untaxed income, is exempt forever from the income tax. Under current law, Bezos's heirs will enjoy a"stepped-up basis." This means that even if they sell the assets he leaves to them, neither they nor anyone else will ever be required to pay income tax on the asset appreciation that occurred during Bezos's life.
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