Taxation

Biden’s worst tax idea

Yes to doing away with AMT and further simplify tax codes.

Love the idea of no AMT and hope for elimination of SALT cap.

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It’s unfortunate to hear he wants to get rid of the step up basis. One of the nice things about CA real estate is that it’s a very tax efficient asset to keep in the family over generations b/c of Prop 58/13 and the step up basis at death of the parents. If Prop 19 passes and Biden gets his way with eliminating the step up basis I may need to re-evaluate my estate planning strategy…

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Many in the middle class not only saw a tax reduction but the increase in the standard deduction saved them a boatload of headaches. There will be a backlash if he reverses that, even among his base. Deductiblity of state tax is a big political football too; it benefits primarily the rich. So does deducting massive sums of mortgage interest. The corporate rate is the easiest to go after but as we’ve already discussed raising that back cup will raise little or no revenue. Dividends rise more slowly or actually get cut and more revenues coming for one place mean less from everywhere else.

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