Posted 6/30/2020 08:10 (#8344820 - in reply to #8344711) Subject: RE: I guess stepped up basis is considered a loophole
And the basis gain of that capital asset? Tax free growth. No double taxation as will I am sure be argued. Good way to gain wealth without tax. It wasn’t put in the tax code for benevolence. Those writing tax code knew exactly what they were doing. Doesn’t matter if you earn 100k from labor or 100k gain in the capital asset. Only society has decided the 100k in labor is worthy of tax.