Biden has been advocating that we get rid of the “stepped up basis on death” that has long been a part of American tax law. Such a move could hit middle-, and even lower-, income Americans hard.
John, your charts kind of show it, but wealthier Americans in general pass on more wealth to the next generation. The fact that an appreciated house may in fact be the only real way for lower and middle income families to pass something along to the next generation, is the real shame in this proposed policy. I wouldn't be as opposed to some form of this with some form of means testing and--if it's a matter of generating more income taxes--by leveling the playing field by making sure the wealthiest estates pay higher taxes.
Frankly, I do not understand why the President isn't looking to completely roll back the 2017 TCJA that f*cked most of us who aren't in the Top 10 percent. I know there's a "sunset" on most of the Trump tax plan 2026, but we can't wait that long and the Republicans are going to play the "Democrats are trying to raise YOUR taxes" to the red hat idiots (whose taxes actually all increased in 2018) as we approach 2026 anyway, so why not get ahead of them?
John, your charts kind of show it, but wealthier Americans in general pass on more wealth to the next generation. The fact that an appreciated house may in fact be the only real way for lower and middle income families to pass something along to the next generation, is the real shame in this proposed policy. I wouldn't be as opposed to some form of this with some form of means testing and--if it's a matter of generating more income taxes--by leveling the playing field by making sure the wealthiest estates pay higher taxes.
Frankly, I do not understand why the President isn't looking to completely roll back the 2017 TCJA that f*cked most of us who aren't in the Top 10 percent. I know there's a "sunset" on most of the Trump tax plan 2026, but we can't wait that long and the Republicans are going to play the "Democrats are trying to raise YOUR taxes" to the red hat idiots (whose taxes actually all increased in 2018) as we approach 2026 anyway, so why not get ahead of them?