Posted 6/30/2020 09:57 (#8345043 - in reply to #8344863) Subject: RE: I guess stepped up basis is considered a loophole
Columbia Basin, Ephrata, WA
mn_feeder - 6/30/2020 06:30
The costs of society need to be paid for in taxes somewhere, guess it never made sense to me to have this "loophole" to begin with.
Land is easy to tax, cant hide it cant move it.
"Fair" is in the eye of the beholder. Some stand to gain with this and some stand to lose, not really different than any other govt. policy. It may do the farm economy some good if land would change hands based upon economic calculations other than hold until you die to avoid taxes.
Not like Biden is going to lose a huge number of farmer votes anyways.
Just realize that whatever is taxed, you get less of.
Tax asset ownership, you get less asset ownership, but asset ownership is good for the economy.
Tax wages, you get less wages, but wages are good for the economy.
Tax consumption of goods, you get less consumption, but most goods must be limited anyway because they are finite.
We should be taxing consumption, since “the costs of society need to be paid for in taxes somewhere.”