Close the stepped-up basis loophole
  1. United States
  2. Va.
  3. Letter

Close the stepped-up basis loophole

To: Sen. Warner, Sen. Kaine, Rep. Scott

From: A verified voter in Norfolk, VA

April 25

I am writing to urge your immediate attention to the critical issue of the stepped-up basis loophole in our tax system. This loophole, which disproportionately benefits the wealthiest Americans, undermines the fairness and integrity of our tax code. As your constituent, I implore you to take action to examine and close this loophole to ensure greater equity in our tax system. The stepped-up basis loophole allows heirs to inherit assets, such as stocks, real estate, and other investments, at their current market value upon the death of the original owner, thereby avoiding capital gains taxes on the appreciation in value that occurred during the original owner's lifetime. This results in billions of dollars in lost revenue each year and perpetuates wealth inequality by providing unfair advantages to the richest Americans who can afford to pass down large estates to their heirs. Furthermore, this tax loophole exacerbates economic inequality by allowing wealthy individuals to avoid paying their fair share of taxes, while working-class and middle-class families continue to bear the burden of funding essential public services and infrastructure. Closing the stepped-up basis loophole would generate much-needed revenue that could be reinvested into programs that benefit all Americans, such as education, healthcare, and infrastructure development. It is imperative that Congress takes decisive action to address this issue and ensure that our tax system works for everyone, not just the wealthiest few. By closing the stepped-up basis loophole, we can move closer to a fairer and more equitable society where everyone pays their fair share and has an equal opportunity to succeed. Thank you for your attention to this matter, and I urge you to prioritize closing the stepped-up basis loophole in our tax code. Your leadership on this issue is crucial to creating a more just and equitable future for all Americans.

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