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!
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