In this post, we take a look at another of President Biden’s campaign planks; the elimination of the step-up rule, an estate planning tool widely used by investors large and small for decades.

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Last week we began our discussion on the new administration’s stated objective to tax long term capital gains at ordinary income tax rates. That would take the tax on those gains to 37% from the current 20%.

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In our last two posts, we addressed the potential impact of the elimination of 1031 exchanges, the last asset class to enjoy the benefits of this 100-year-old investment tool. We now move on to another plank of President Biden’s policy platform: taxing capital gains at ordinary rates, which we have grave concerns about.

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On Inauguration Day we continued our series on President Biden’s plans to raise taxes and change the tax code in ways that would have a direct negative impact on real estate markets across the country.

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It’s official. The United States of America has a new President, its 46^th since the US Constitution was established in 1787. The transfer of power this time around was a rocky one, but President Biden’s swearing-in on January 20^th is in the history books and we now focus on his “first 100 days” where most of the components of his campaign platform should begin to take shape.

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