Boomer Wealth Is Cascading Down as Biden Weighs Inheritance Tax

Bloomberg (04/28/2021)
  • A recent survey found that 66% of US households worth over $25M attributed their wealth to inheritance, up from just 22% in 2007.
  • Much of this shift is driven by Baby Boomers (ages 55-69) passing down assets to their heirs.
  • Current US tax law allows heirs to use the market value of assets at the time they are inherited (as opposed to the original purchase price) as the base value for taxation.
  • Biden has promised to close this loophole and raise estate taxes.