Commentary The Biden Budget Plan would subject millions of Americans to a new death tax. The Biden proposal is to implement a capital gains tax at death on previously untaxed appreciation of asset values during life. Taxpayers with net worth not remotely near the current $11.7 million estate tax exemption would be captured in the net of this new death tax. The estate tax exemption, the tax-free portion of each individual’s net worth at death has been increased regularly for the past 20 years. With a current estate tax exemption of $11.7 million, very few estates pay death taxes. Under the Biden Budget Plan, individuals with net worth of less than $1 million at death could be subject to a significant percentage of their net worth being consumed by this new tax. This new death tax would only impact taxpayers owning appreciated assets at death. While the new death tax …