Biden tax rule would rip billions from biggest fortunes at death

Proponents say getting rid of the step-up rule, known to estate planners as the Angel of Death loophole, is crucial to achieving Biden’s vision of tax fairness. — Bloomberg

Jeff Bezos has an ex-wife, a girlfriend, four children and billions of reasons to watch whether Joe Biden’s tax overhaul wins congressional approval.

The Amazon.com Inc founder’s heirs may have to pay more than US$36bil (RM148.42bil) if the president succeeds in closing a loophole that helps the rich transfer their fortunes tax-free at death.