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


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.