This will hit everybody who has owned a house for a few decades and has had good appreciation. The current law allows for you to stay in your house and when one of the spouses dies, the other spouse can take advantage of the basis step-up, sell the house, and not pay a dime in capital gains tax.
We’ve lived in a high appreciation area and this has been our tax strategy to leave a decent inheritance to our kids.
This change in the law will wipe out most of the kids’ inheritance.
EFF YOU Democrats and Biden in particular.
I’ve got two worthless Dem Senators and a worthless Dem Rep. They are all for screwing us as much as they can.
These are the Assistant Democrats that enabled it.
Dan Sullivan (R-AK) Shelley Moore Capito (R-WV) Mike Crapo (R-ID) Roy Blunt (R-MO) Richard Burr (R-NC) Deb Fischer (R-NE) Lindsey Graham (R-SC) Rob Portman (R-OH) Thom Tillis (R-NC) Lisa Murkowski (R-AK) Jim Risch (R-ID) Chuck Grassley (R-IA) Bill Cassidy (R-LA) Kevin Cramer (R-ND) Roger Wicker (R-MS) Mitch McConnell (R-KY) John Hoeven (R-ND) Susan Collins (R-ME) Mitt Romney (R-UT)