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Thread: Biden to tax middle class "Stepped up Basis" Code 1014

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  1. #1

    Angry Biden to tax middle class "Stepped up Basis" Code 1014

    He's due to sign an E.O. tomorrow and we're just now hearing of this today??? Wtf!

    https://news.yahoo.com/biden-plan-ra...103004546.html

    This is what we refer to as “stepped-up basis.” And the rule absolutely does not apply only to “rich people.” The operation of Code 1014 is not controlled by one’s annual income, the value of the inherited asset, or the total value of one’s estate. It applies across the board. Every American taxpayer enjoys the benefit of stepped-up basis on inherited property.

    According to Gallup, as of 2017, 82 percent of Americans over age 65 own their own homes. That is the highest rate of homeownership for any age group. When these people die, their property passes to their heirs. If President Biden and the Democrats have their way, the coming years will see an increased transfer of wealth — not from parents to children (as it should be) — but from parents to the federal government.




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  3. #2
    How can he do that via EO?
    "Foreign aid is taking money from the poor people of a rich country, and giving it to the rich people of a poor country." - Ron Paul
    "Beware the Military-Industrial-Financial-Corporate-Internet-Media-Government Complex." - B4L update of General Dwight D. Eisenhower
    "Debt is the drug, Wall St. Banksters are the dealers, and politicians are the addicts." - B4L
    "Totally free immigration? I've never taken that position. I believe in national sovereignty." - Ron Paul
    They are what they hate. - B4L


    The views and opinions expressed here are solely my own, and do not represent this forum or any other entities or persons.

  4. #3
    Quote Originally Posted by Brian4Liberty View Post
    How can he do that via EO?
    I'm not sure how. Not well versed on that process. Great question though.

  5. #4
    Biden is a $#@!ing madman.
    "Perhaps one of the most important accomplishments of my administration is minding my own business."

    Calvin Coolidge

  6. #5
    Ya he said a couple months ago he was going to do this . Its what biden voters want, more taxes , less wealth , a stupid and unarmed public.Living in squalor on food stamps with high unemployment , high interest , low work force participation . Enjoy.
    Last edited by oyarde; 04-07-2021 at 07:39 PM.
    Do something Danke

  7. #6
    Maybe if we expand executive powers a few more times we can fix this.
    "The one permanent emotion of the inferior man is fear - fear of the unknown, the complex, the inexplicable. What he wants above everything else is safety."
    H. L. Mencken

    Quote Originally Posted by Contumacious View Post
    In conclusion THE ONLY WAY BIDEN IS GOING TO SEE THE INSIDE OF THE OVAL OFFICE IS VIA THE A WHITEHOUSE PUBLIC TOUR

  8. #7
    I'm also betting that this involves ALL asset classes such as property, stocks, bonds, hell, anything you want to bequeath.

  9. #8
    Calm down. Biden cannot override IRC 1014 with an executive order. It would take congressional action to revoke the stepped-up basis rule.

    Congress did eliminate the rule in 1976, but the resulting carryover basis was so unpopular that Congress initially suspended its enforcement and later repealed it retroactively.

    The initial justification for the rule was that property passing as a result of death was subject to the estate tax based on the date-of-death value, which included any built-in appreciation. In order to prevent double taxation of this appreciation, the rule provided an increase in the tax basis of the property. But today most estates aren't liable for the estate tax due to the increased exemption amount. Because of this development proponents of the rule's repeal argue that the built-in appreciation of assets passing at death shouldn't escape taxation. But keep in mind that the tax on this appreciation is simply deferred until the asset is sold; repealing stepped-up basis doesn't trigger a tax on the appreciation at death.

    Of course, if the Democrats reduce the exemption amount back to $3.5 million as many of them want to do, the argument for eliminating stepped-up basis becomes less compelling.
    Last edited by Sonny Tufts; 04-08-2021 at 08:04 AM.
    We have long had death and taxes as the two standards of inevitability. But there are those who believe that death is the preferable of the two. "At least," as one man said, "there's one advantage about death; it doesn't get worse every time Congress meets."
    Erwin N. Griswold

    Taxes: Of life's two certainties, the only one for which you can get an automatic extension.
    Anonymous



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  11. #9
    Quote Originally Posted by oyarde View Post
    Ya he said a couple months ago he was going to do this . Its what biden voters want, more taxes , less wealth , a stupid and unarmed public.Living in squalor on food stamps with high unemployment , high interest , low work force participation . Enjoy.
    ^^^this^^^

  12. #10
    Quote Originally Posted by oyarde View Post
    Ya he said a couple months ago he was going to do this . Its what biden voters want, more taxes , less wealth , a stupid and unarmed public.Living in squalor on food stamps with high unemployment , high interest , low work force participation . Enjoy.
    This is making Biden voters heads explode as we speak.
    "Foreign aid is taking money from the poor people of a rich country, and giving it to the rich people of a poor country." - Ron Paul
    "Beware the Military-Industrial-Financial-Corporate-Internet-Media-Government Complex." - B4L update of General Dwight D. Eisenhower
    "Debt is the drug, Wall St. Banksters are the dealers, and politicians are the addicts." - B4L
    "Totally free immigration? I've never taken that position. I believe in national sovereignty." - Ron Paul
    They are what they hate. - B4L


    The views and opinions expressed here are solely my own, and do not represent this forum or any other entities or persons.



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