Changing the basis rule would be a gigantic tax, many heirs get little or nothing other than their parents house, and many people are in their last house for enough years to see it appreciate a lot.
This is a terrible gun pointed right at the middle class and upper middle class. The howling from those who understand the ramifications of this transfer of money from heirs to the govt should be massive!
If Biden doesn’t also attack the principal residence no-tax rule, people will sell to their kids and rent back. OR sell to anyone and rent back, and leave the cash to the kids. This is a steal of hundreds of billions of dollars. I can’t believe anyone would try it.
This is a steal of hundreds of billions of dollars. I can’t believe anyone would try it.
The more odious it make the Bidunce Admin look, the Better!
it will get worse, bank on it