Joe Biden “wants to get rid of something called ‘stepped up basis’” that reduces inheritance taxes.
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Current PolicyInherited House at Current Value - $200,000Sells for $205,000Taxable income = $5000Taxes Due - 20% of $5000 = $1000Profit to you = $204,000Biden PolicyInherited House at original purchase price - $40,000Sells for $205,000Taxable income = $165,000Taxes Due - 20% of $165,000 = $33,000Profit to you = $172,000 -
of course. They must have big money to give to china and the losers on the left who want a free ride, especially all
the "new voters" who don't speak English, but will be taught to vote for "D" every time.
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