A Taxing Change

Congress wants to repeal the estate tax but take more of your capital gains. Here's how to cope

Any school kid knows to be wary of a bully offering candy in one hand while the other arm is folded behind his back. Take the bait and you're bound to get soaked, smudged, smeared or socked. The ploy is an old one, and Uncle Sam is gaming taxpayers with a version right now. Eliminating the estate tax, which the Senate will consider this week, is the sweet stuff. Levying additional tax on capital gains, a form of wealth the stock-owning masses have come into big time, is the punch.

While just about every taxable estate stands to benefit if the...

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