giving away the store at the first point of negotiation

Reader comment on: Andrew Sorkin on Estate Tax and Carry-Over Basis

Submitted by John Gillis (United States), Feb 27, 2019 17:16

The proper and moral way to negotiate on taxation is to argue for its radical reduction, not to offer more "juice" to the eternal spendthifts we call politicians. The offer should be: repeal the estate tax. Period.

The so-called loophole of the step-up system is a feature, not a bug of current taxation. The heir never had the asset at some value decades ago, so it is illogical and unfair to charge him tax for a valuation he never had.

And if one wants to get rid of "perverse incentives" that are built into the tax law, then end the tax on capital gains -- poof -- no more problem!

Note: Comments are moderated by the editor and are subject to editing.

Submit a comment on this article

Other reader comments on this item

Title By Date
Thanks but no thanks [63 words]Murray MilesFeb 28, 2019 10:10
Repeal 16th Amendment and the Income Tax (aka, "Progressive" Slavery) [203 words]LawrenceFeb 28, 2019 04:26
Loopholes are life-savers [120 words]Harry BinswangerFeb 28, 2019 03:25
To tax capital gains made despite relentless tax skims [3 words]James BradleyFeb 27, 2019 19:41
To tax capital gains made despite relentless tax skims [3 words]James BradleyFeb 27, 2019 19:40
Just kill the Death Tax [31 words]David Lang WardleFeb 27, 2019 18:12
Estate taxes and the basis step-up [112 words]David E. MoranFeb 27, 2019 17:32
⇒ giving away the store at the first point of negotiation [110 words]John GillisFeb 27, 2019 17:16

Comment on this item

Mark my comment as a response to giving away the store at the first point of negotiation by John Gillis

Email me if someone replies to my comment

Note: Comments are moderated by the editor and are subject to editing.