1. United States
2. Ga.
3. Letter

I am writing as a constituent to urge Congress to address one of the most glaring inequities in our federal tax system: the “buy, borrow, die” strategy used by some of America’s wealthiest individuals to accumulate enormous fortunes while avoiding substantial federal income taxes. The strategy is straightforward. Wealthy individuals accumulate appreciating assets, borrow against those assets to finance their lifestyles without realizing taxable income, and ultimately pass their wealth to heirs. Under current law, the step-up in basis at death can permanently eliminate income taxes on decades of unrealized capital gains. Meanwhile, ordinary Americans pay income taxes on their wages and salaries every year. Billionaires can access extraordinary economic resources through asset-backed borrowing without triggering comparable taxation. This represents a fundamental inequity in how our tax code treats income earned through work versus wealth accumulated through investments. I urge Congress to pursue legislation that would: Eliminate or substantially restrict the step-up in basis at death for exceptionally wealthy households, ensuring that substantial capital gains do not permanently escape taxation. Address asset-backed borrowing as a tax avoidance strategy among the ultrawealthy, particularly when large loans effectively substitute for taxable income. Protect middle-class families, retirement savings, small businesses, and family farms through appropriate exemptions and safeguards. Strengthen IRS enforcement to address sophisticated tax avoidance arrangements. These reforms should target households with extraordinary wealth, not ordinary Americans building financial security. As Congress considers future tax legislation, I believe closing this loophole must be a priority. I particularly hope Democratic leadership will make meaningful reform of the buy, borrow, die strategy a central component of its legislative agenda when Democrats regain control of Congress. At a time when our nation faces significant fiscal challenges, it is increasingly difficult to justify a system in which working professionals face consistent annual taxation while individuals worth hundreds of millions or billions of dollars can legally avoid taxes on enormous increases in wealth. Tax fairness should not be partisan. Americans who earn their income through work should not face a fundamentally different standard than those who accumulate wealth through appreciating assets. I would appreciate knowing your position and whether you would support legislation addressing these practices. Thank you for your consideration.