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I guess stepped up basis is considered a loophole
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w1891
Posted 6/30/2020 08:34 (#8344872 - in reply to #8344854)
Subject: RE: I guess stepped up basis is considered a loophole


S Illinois
How he will structure it definitely not. Too shocking to the system and way too many loopholes and political payoffs. Not sure the best way to go about it though. We are so far down the rabbit hole that any meaningful reform to make all gains(losses)equal will be tough. Not a bandaid to rip off all at once. Would be a poor way to do it but the only way I can see is to draw a date in the sand and from that point forward all gains are treated equal, labor or capital.

I would actually prefer a flattening and lowering of all rates but include all gain no matter how acquired. I would even like to see someone explore eliminating all taxes save for a flat rate estate tax with no deductions.
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