The "buy, borrow, die" loophole should be closed. This lets individuals borrow against their assets, live on that cash, and eventually pass those assets onto their heirs who now have a stepped-up basis, so no capital gains tax. https://equifund.com/blog/buy-borrow-die/ https://www.forbes.com/sites/taxnotes/2024/02/27/taxing-billionaire-borrowing-a-new-kind-of-wealth-tax/
Comments
The "buy, borrow, die" loophole should be closed. This lets individuals borrow against their assets, live on that cash, and eventually pass those assets onto their heirs who now have a stepped-up basis, so no capital gains tax. https://equifund.com/blog/buy-borrow-die/ https://www.forbes.com/sites/taxnotes/2024/02/27/taxing-billionaire-borrowing-a-new-kind-of-wealth-tax/
Post: In defense of billionaires
Link to comment from September 24, 2024