Several Democrats, including Senators Mark Warner of Virginia and Jon Tester of Montana, had expressed concerns about the sweeping nature of Biden’s capital-gains proposals.
The legislation also calls for several other changes that will hit high-income taxpayers, including higher rates on income and giving the Internal Revenue Service more access to the bank account flows of high-earners. The legislation also gives more money to the IRS to rebuild its auditing program, which has languished for years as the result of budget cuts.
This article was provided by Bloomberg News.