evidence: Currently, a decedent’s unrealized gains aren’t hit with income tax at death, and heirs get a step-up in basis in inherited assets equal to fair market value. Biden wants to end the effects of the stepped-up basis for wealthy individuals. His proposal generally doesn’t adopt carryover basis, by which the heir would take the same federal tax basis in the inherited assets as the decedent. [...] Let’s illustrate the current rules and Biden’s proposal with a simple example: When Amy’s dad dies, she inherits stock that her dad bought years ago for $300,000 that is now worth $7 million. [...] Biden also calls for nearly doubling the capital gains tax for upper-incomers by taxing gains as ordinary income to the extent taxable income exceeds $1 million. His realization regime detailed above would act as a backstop so that taxpayers subject to high tax rates while alive wouldn’t hold onto assets until death to escape tax.