https://www.barrons.com/articles/her...of2&yptr=yahoo
I found this part interesting and am surprised this is the first I'm hearing about it:
"Here’s where things get a little surprising, and light on specifics: Biden’s plan would also eliminate the step-up in cost basis at death. Under current law, the cost basis, or purchase price, of assets is reset to the current market value at the owner’s death. Heirs may inherit an asset with massive embedded capital gains, but that capital-gains clock is reset to zero on the date of death, and tax is owed only on appreciation after that. For instance, if you inherit the home your parents bought for $50,000 and, at their death, was worth $800,000, your cost basis would be “stepped up” to $800,000. If you sold it right away, you would not owe any tax.
Biden’s plan changes that and raises a host of concerns and confusion. “Some in the industry are calling this a stealth estate tax, or a double tax,” says Ali Hutchinson, managing director at Brown Brothers Harriman. That’s because the levy is assessed based on the estate’s fair market value. Example: An estate of $6 million would owe estate tax on about $500,000—the $6 million minus the proposed $5.49 million exemption—before it is distributed to the heirs. They would inherit the property with the original cost basis, so, whenever they sold, they’d owe capital-gains tax on the profit off the original purchase price. In other words, the same assets would be taxed twice."
(From the last section on benefactors and heirs)
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