Tax details of US super-rich allegedly leaked

Re:Tax details of US super-rich allegedly leaked by arn on Tuesday June 08, 2021 @05:41PM (#27441271)

Seems the solution to that (if u think it’s a problem) is eliminating step up basis.

The reason that works is that basis is reset at death.

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Re:Tax details of US super-rich allegedly leaked by imgabe on Tuesday June 08, 2021 @05:57PM (#27441486)

Estate taxes make a lot more sense. Heirs don’t need to get free billions of dollars for doing nothing and I have no problems with taxing dead people.

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Re:Tax details of US super-rich allegedly leaked by spikels on Tuesday June 08, 2021 @06:35PM (#27441986)

Why not both? They are different things.

The free step-up in basis at death makes no sense for the very wealthy. The rule originates from the difficulty in determining the basis of assets of dead people. The very wealthy have accountants that track this.

Warren Buffett can pay capital-gains tax AND estate tax.

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Re:Tax details of US super-rich allegedly leaked by imgabe on Tuesday June 08, 2021 @06:54PM (#27442149)

Sure, the free step up basis does seem like a bad thing. Getting rid of that sounds like it makes sense.

That is a far cry from taxing unrealized gains as income which is what a lot of people seem to want to do.

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Re:Tax details of US super-rich allegedly leaked by arn on Tuesday June 08, 2021 @06:24PM (#27441843)

Well, estate tax already exists.

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Re:Tax details of US super-rich allegedly leaked by imgabe on Tuesday June 08, 2021 @06:30PM (#27441928)

Sure, but it’s pretty toothless and there are many ways to avoid it.

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