The politicians are avoiding all mention of it, but the obscene spending bills lumbering their way through Congress include a massive tax on every middle-class property owner in the country. The elimination of stepped-up basis taxes the heirs of every hard-working family's inherited property.
Farmers and ranchers will be particularly harmed, a fact which is explained in the quote below from FBNews:
Stepped-up basis allows a farmer to pay capital gains taxes only on the property’s increase in value since the land was inherited, not on the full increase in value since it was purchased by that farmer’s parents or grandparents.
While generational family farms and ranches are the most dramatic example, people need to realize that this tax will apply to every long-time homeowner in the US. If you've owned your home for decades and have enjoyed an appreciation in its value, your children or grandchildren will pay the confiscatory price when you die if you leave the property to them. Your heirs will owe gargantuan capital gains taxes to the Federal government. In too many cases, the family home will need to be sold because of the tax debt.
The dismantling and destruction of our formerly free country continues at a rapid pace with no end in sight. The American dream has faded into history.
