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

The 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. 

Update: To summarize, the proposed tax changes could possibly lead to the creation of an ultra-wealthy class of landowners by combining three tax breaks that have not previously been combined. A repeal of the estate tax, continuation of the step-up in basis provision, and re-utilization of depreciation for the same assets would provide beneficiaries of real property the ability to inherit land completely tax-free, receive basis equal to the value of the property, and then re-depreciate the asset. The result of this transfer for the beneficiaries is a tax break, which can be extensive depending on the value of the property, that is gained simply by the fact that the beneficiary was fortunate enough to inherit valuable property. 

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.