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Biden committed to increasing capital gains tax through “stepped-up basis”

President Biden is committed to increasing capital gains taxes for the richest Americans when they die, before they pass wealth to their heirs, according to people familiar with the matter.

Why it matters: Eliminating the so-called stepped-up basis is central to Biden’s plan to find additional revenue to pay for the roughly $1.5 trillion in new spending he'll unveil during a major speech Wednesday night.

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