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sgtpp214 writes,

While the the powers to be brag about getting rid of the 'death tax', they don't mention the fact that they are eliminating the "stepped up basis" of the inheritance tax law. I don't mean to sound the Dem alarm, but this definitely will hit the middle class with more taxes and give that 2% of the big boys/girls big tax cuts.

As an example you inherit $675,000 from your parent and it is tax exempt. All stocks will have there basis bumped up their value on the day of death or six months later. That stepped up of the cost basis is now cap gains tax free, but under the GOP's plan the cost basis would remain as it is and not be stepped up and you would pay cap gains on the basis as established by your parent.


Very perceptive sgtpp214.

The media seems to be glossing over the fact that this "estate tax reduction" will actually RAISE TAXES for 98% of the population.

At least Clinton was only trying to "poke" Monica. It look like the Republicans are trying to "stick it" to everyone else.

intercst

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