ELIMINATING THE “STEPPED-UP BASIS” WILL HURT MIDDLE-INCOME EARNERS TOO
To help fund $1.5 trillion dollars in new spending, President Biden wants to eliminate the “stepped-up basis” applied to inherited assets. The President is selling this as a tax on “the rich.” However, contrary to what the President, Senator Warren and others say, eliminating the “stepped-up basis” will definitely be detrimental and costly for middle…
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