Poor folks in America RARELY buy yachts. Fact.
Poor folks in America RARELY have steamer trunks filled with long held, incredibly valuable stock certificates hiding in their attics. Fact.
The folks in America who OVERWHELMINGLY benefit from the step up in basis rule are rich folks. Fact.
That is NOT to say that the step up in basis is not occasionally used by poor folks when inheriting the assets of their parents, but the total dollar amount of tax savings from the step up basis rule that goes to folks other than rich folks is negligible compared to the savings that those rich folks get from it. Just like the tax cap on yachts... I am sure that some poor folks find a way to avail themselves of it, but, realistically speaking, both of those tax breaks are really the province of wealthy Americans, by and large.
And I say, So what to all your post...
Thousands of people buy boats, large boats, some, very large boats....and only those doing business in places like Fla. get a break to save jobs and improve the states take on sales tax...irrelevant. Irrelevant because every state has its ways to entice investment in their particular pet projects.
Very, very few, to no body find steamer trunks filled with long held, incredibly valuable stock certificates hiding in their attics. Fact. Fact and also irrelevant.
Step up in basis is used by everyone when inheriting the assets of their parents if it applies, from the lowly grocery worker to the Rockefellers...though the Rockefellers will pay heavy
estate tax while the vast majority of others will not. The dollar amount is irrelevant....the more dollars you pay in, the more you will get back..simple math.
By and large, realistically speaking, everyone that pays income tax avail themselves of what rules exist to pay the least possible they legally can....
and millions on the lower levels of income avail themselves to what gov. benefits they qualify for to acquire the most income they can legally get....
I do recognize that their are tax "breaks", for lack a better word, for investors to entice them to invest in our economy in general....oil exploration, gas, gov. bonds to help
build infrastructure, create jobs, start new ventures, R&D medicine, provide healthcare, mining, electric generation, military hardware, build ships and maintain ports,
fund the arts, and support the schools, etc....Gov. doesn't do any of this, people do, taxpayers do.......
and that is what makes the world go round and round and why we built the country we've built....
And...as a matter of fact, its these same things that are happening all over the world as countrys grow into economic powers themselves for the good of their citizens....as you look
around you can plainly see where in our world these things don't happen and what the citizens of those places have to endure....
You've just been drinking the KoolAid too long, comrade....