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David Koch’s Heirs Will Enjoy the Biggest Tax Loophole Nobody Talks About

Originally published at http://www.commondreams.org/views/2019/08/28/david-kochs-heirs-will-enjoy-biggest-tax-loophole-nobody-talks-about

Gee, I wonder if we’re a plutocracy?

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Stepping up and over any sense of societal obligation

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How did the millionaires in Congress allow this to happen?

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…and then carry on his legacy of hatred and self-serving corporate deals at the expense and on the back of ordinary people.

Vampire parasites that require multi billion $ “advertising/marketing” to sell lies, to pretend the costs they “externalize” (stick out their chests and say that THESE DO NOT EXIST) - everything from the humanity and lives of labor, usurpation of resources (can we say Nestle?) lies and false promises, buying out legislators to manipulate protective legislation required to protect from their criminality - and the list goes on) to get what they want. I no longer consider this an exaggeration.

Their greatest coup and deepest investment has been in linguistics. To make people kow-tow and pray to what is proving to be the embodiment of what their own religious institutions call “satanic”: capitalism of the predators - consuming a planet near you today.

My only note is that this is nothing new, and has nothing to do with Koch.
In some variant, this has been the rule since the late 1930’s, and it hasn’t made sense in all that time.

Any other transfer of property either results in realized taxes (e.g., a sale) or in the acquirer taking the property with the same basis (e.g., a gift, or a “tax free exchange”). There is no principled reason for the death exception. I would strongly argue that (as was the case for several years) that the proper treatment is “carryover basis” - i.e., you receive the property with the same basis as the deceased, and when you sell it, you pay capital gains based on the original basis.