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Interesting. Resetting cost basis upon inheritance does seem like a massive tax avoidance loophole, I can't quickly think of a reason why this should be allowed
by ironrabbit 5y ago
Interesting. Resetting cost basis upon inheritance does seem like a massive tax avoidance loophole, I can't quickly think of a reason why this should be allowed. I agree also that this would probably be a popular (and sensible) modification to the tax code.
- fossuser 5y agoPart of me wonders if the same group of people trying to take away the wealth created by others have both not created much of their own and stand to inherit a lot from their parents. I don't know - but I have a hunch that a lot of these voices are often trust fund kids, or kids of wealthy parents. It'd be an interesting paradox if they're suddenly against policy that may affect their inheritance. Currently though inheritance is protected up to fairly extreme monetary amounts (in the US anyway) so the change would have to be fairly dramatic.