Marketwatch: Biden v. House Democrats: How their proposed tax hikes differ on Roth IRAs, capital gains

But the Ways and Means Committee proposals do “not go as far as the Biden administration proposals go,” said Steve Wamhoff, director of federal tax policy at the left-leaning Institute on Taxation and Economic Policy.

The committee’s proposal comes months after Biden unveiled his own proposal for tax hikes, which include a higher top income tax rate, a higher capital gains tax rate for millionaires and a bid to finally tax the “unrealized” assets that wealthy people have been holding onto and passing to the next generation without a tax bill.

For Wamhoff, “there are key improvements, but there are some key things that are left out” of the House proposal — including Biden’s idea to tax value-gaining assets when the rich owner dies. “The Ways and Means proposal just skips that,” Wamhoff said. Read more

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