Posted 6/30/2020 08:26 (#8344854 - in reply to #8344820) Subject: RE: I guess stepped up basis is considered a loophole
w1891 - 6/30/2020 08:10
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.
1891, there’s no question if repealed, passing on any family business just became much, much tougher to accomplish. No ifs, ands, or buts about it. A business better have lots of cash on hand to be able to carry on and go forward. I take it you are for Biden’s plan? Correct me if I’m wrong.