How Obama would close the ‘trust fund loophole’

Related: Obama’s proposal for the middle class

That’s because the proposal includes a number of allowances so that the tax won’t hit the college kid who inherits $10,000 in stock from Grandma, or indeed most Americans.

Everyone would get to exempt some capital gains: If you’re single, you can bequeath investment assets with capital gains up to $100,000 tax free.

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