Capital Gains Tax At Death Might Be Coming After All

There appears to be some bipartisan support for a capital gains tax at death similar to the Canadian tax system.

Photo by Rohit Tandon on Unsplash

The Senate Budget Committee had a hearing on how the Tax Code should be revised to reduce “inequality” but still grow the economy on June 12, 2024.

It appears that some Republicans (and all Democrats likely) might be in favor of imposing some type of capital gains at death. Canada has a system of “deemed sale” of assets in the year of a deceased taxpayer. There are some exemptions for personal residences and transfers to spouses and the tax rate is at 50% of the current capital gains rate.