Posted 6/30/2020 23:02 (#8346615 - in reply to #8345634) Subject: RE: I guess stepped up basis is considered a loophole
I am not for wholesale land redistribution. Currently with a large estate the heirs are receiving a gift from the federal government along with their inheritance. Assume they still owe 10% on their land, should the bank forgive the loan. In essence the federal government is forgiving taxes due.
I think tax policy has been influenced by social policy for a long time.
The trouble with a flat rate on all income is usually income is defined as gross not net. For farming, If you start deducting expenses you are basically back to Schedule F income and expense and what is legitimately an expense. If you mean there should only be one tax bracket, not in favor of that. I guess I think there should be a little social policy with the tax policy (progressive tax rate)
I guess stepped up basis is considered a loophole
