hold on there's just too much going on in Congress lmao...
Revises capital gains, inherited asset taxes, and business deductions for high earners.
Senator Markey (D-MA) and cosponsors.
In committee, no vote yet.
Introduced by Senator Ed Markey (D-MA) and cosponsors, this bill revises how capital gains and inherited assets are taxed, and limits certain business deductions. It is currently in the Senate Finance Committee and has not yet received a vote or full debate.
Introduced Mar 17, 2026
The bill was introduced in the Senate on March 17, 2026, and referred to the Senate Committee on Finance. It must pass in the Senate, then the House, and be signed by the President to become law. No votes or further actions have been scheduled.
For individuals with over $1,000,000 in taxable income, capital gains and dividends above this threshold would be taxed at ordinary income rates. When you gift or inherit appreciated property (like stocks or real estate), taxes might be due on the gain at that time, with a $1,000,000 exclusion at death. Real estate investors could face limits on how much tax they can defer through like-kind exchanges. The deduction for qualified business income would also be capped for higher-income individuals.
Supporters Say
Supporters say this bill creates a fairer tax system by ensuring wealthy individuals and inherited fortunes pay taxes similar to wages.
Critics Say
Critics might argue it stifles investment, complicates estate planning for families, and could disproportionately affect family businesses and farms.
Those in favor highlight that it addresses economic inequality and generates revenue by taxing capital gains and inherited wealth similarly to earned income. Opponents could raise concerns about the administrative burden on estates, potential impact on capital formation, and the difficulty of valuing assets at the time of transfer for tax purposes, particularly for family-owned entities.