Republicans in the House of Representatives have proposed a tax plan that allows a continued transfer of wealth between generations, according to the Wills, Trusts & Estates Prof Blog in "Proposed Tax Policy By Republicans Would Enable Wealthy to Pass On A Massive Income Tax Deduction to Their Heirs Upon Death."
The proposal would eliminate the estate tax entirely. However, it would keep the step-up basis for capital gains.
This would let the wealthy to pass assets on to later generations of their family tax free and allow for a greater concentration of wealth.
The plan also proposes to keep the depreciation deduction for rental property.
Reference: Wills, Trusts & Estates Prof Blog (Nov. 6, 2017) "Proposed Tax Policy By Republicans Would Enable Wealthy to Pass On A Massive Income Tax Deduction to Their Heirs Upon Death."
