Posted 6/30/2020 15:05 (#8345632 - in reply to #8345599) Subject: RE: I guess stepped up basis is considered a loophole
H3f - 6/30/2020 14:37
Ok, completely eliminate the estate tax and the stepped up basis. There is a unpaid tax built into most farm operations (estates) that is forgiven at death.
There was a post on NAT a few years ago that really pointed this out. Posters son had wanted to buy some ground from poster, poster told him to buy somebody else's ground, you will inherit mine. This makes tax and investment sense for poster and son, but does this make sense for America. This policy leads to consolidation of wealth in fewer hands.
There would be no need or benefit to step up in basis if there were no estate tax. But I’m pretty sure you meant to say estate tax exemptions. Wow is all I can say if that’s what you really meant. Owe ordinary rates on the first dollar inherited. That would certainly get rid of your concern for consolidation into fewer hands. I’m looking forward to cold weather getting here so you keep your hands in your own pockets.....