Its tied into his “cure cancer” comment that I made an extremely unique observation about in an earlier thread.
What does he want to eliminate?
This is about the ONLY tax break we get. We've been in our house 36 years and have a big capital gain; this tax break is the only reason we don't sell the house. I'd MUCH prefer to leave the money to our kids than to the rotten, corrupt and GD government.
Adding insult to injury, that bastard Biden would take OUR gain and use it to give "free" education to kids who have zero interest in being in college:
At teachers' union town hall, Joe Biden releases public education plan to raise teacher pay and invest in schools
By Christopher Donato and Molly Nagle, May 28, 2019, ABC News
I believe we should have free community college for every single person qualified in America," he said during a question and answer period after the event. "And by the way, it costs a lot of money. It costs $6 billion
Biden said that he would pay for this by eliminating stepped up basis,a tax loophole for capital gains tax. This is not a new policy for the former vice presidenthe has spoken about eliminating this to provide access to free community college other speeches as well.
I suspect it isn't getting discussed because 1) the press is keeping it largely under wraps and 2) most Americans think it's a tax break for the uber-wealthy and they subscribe to "Yeah! Stick it to them!"
Most Americans probably do not know that assets are stepped up at the death of the investor and it's the only way to keep the money out of the money-grubbing goverment's hands.
What a scum sucking lying “senator from MBNA” (his old nickname.. from Delaware the capital of credit card usury and appalling money tricksters— and from whom he got and gets lots of political money, as their huckster).
The policy/law by State and also by Federal laws— of stepping up (increasing) the cost basis of long term held assets (such as in FL, the Homestead exempted longheld home of retirees, seniors) is increased by a formula or fixed figure... to compensate the massive capital gains tax that would ensue. Primary residence (homestead) is “stepped up” to current values- example purchase a home in 1950 for 2000, and in 2019 it is appraised at 350K or higher— imagine the cap gains tax this would generate— were it not for this “step up”.
Greedy conniving lying socialist biden— is after a massive amount of forced estate taxes— from real estate, stocks, etc. Something his corporatist socialist pals would love— and especially the career ripoff gubmint agencies and their ever increasing needs for budgets to spend spend spend.
Appalling lying bastard. Not long for it, mentally, morally and a whole lot else.