Under the Biden-Harris administration, Democrats have advocated for an increasingly progressive tax system, seeking to tax higher-income individuals at larger rates to fund social programs, as reported by Knewz.com.
Currently, the U.S. estate tax exemption allows individuals to transfer up to $13.61 million without facing additional taxes.
However, this is set to expire at the end of 2025 if Democrats maintain control in the White House.
RandyMarsh