New tax

Biden has proposed a tax on unrealized capital gains for very wealthy people. Under current law people can post pone the tax until they sell. If they die and pass the money to their heirs then that is subject to a 40% estate tax. Biden's plan would tax the gains each year so the total accumulation over time will be much less and thus less estate tax. The benefit to Biden's plan is that the government will get the money sooner, each year instead of waiting for the person to die. The amount of total tax will not be much different. The government will make more on people who sell if they raise the capital gain rate to 43% from the current 23%. At what amount of investment this will kick in is not yet determined but it will be high enough so as to affect only the super rich. Then there will be the unintended consequence things like clever accountants finding ways to circumvent the law.