Tax very high incomes, inheritances, and wealth

El-Sayed supports taxing capital gains over $1 million at ordinary income rates, closing the stepped-up basis loophole, and taxing inheritances above $1 million like ordinary income. He also supports a progressive tax on wealth held in trusts, higher marginal income tax rates on earnings over $1 million, and a tax on wealth over $1 billion. He proposes exempting up to $50,000 of income from federal taxes based on cost of living and closing the Social Security payroll tax cap.

Context: The passage does not specify tax rates for the proposed taxes or the details of the cost-of-living exemption.

In their own words

I support taxing capital gains over $1 million at the same rate as ordinary income

The source

Abdul El-Sayed: Artificial Intelligence ↗

Published: Original date not established; campaign context manually checked
Retrieved: 11/10/2026