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Proposed Tax Policy By Republicans Would Enable Wealthy to Pass On A Massive Income Tax Deduction to Their Heirs Upon Death

By Gerry W. Beyer

Armageddon-2721568__340The new GOP tax plan proposes to eliminate the estate tax while maintaining the allowance for step-up in basis and the ability for taxpayers to depreciate their rental property. This proposal would allow the ultra-wealthy to transfer their assets to beneficiaries tax-free. Beneficiaries would then receive assets with a stepped-up basis and could, in the case of rental property, depreciate the property to receive an income tax deduction. Such a continued concentration of power and land in the hands of the few might lead to decreased social mobility and drive us back to a feudal system. 

See Kevin A. Pollock, Proposed Tax Policy By Republicans Would Enable Wealthy to Pass On A Massive Income Tax Deduction to Their Heirs Upon Death, Kevin A. Pollock BLAWG, November 3, 2017.

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Current Events, Estate Administration, Estate Planning - Generally, Estate Tax, Gift Tax and Income Tax