[yonran]

I don’t have a problem with the tools in the tax code to defer realization for capital gains taxes during a lifetime e.g. 1031 exchange, traditional 401(k) or IRA, in-kind redemption for ETFs, etc., so long as the taxes eventually do get paid on the gains. The real issue in my opinion is the loopholes in the tax code to avoid capital gains taxes completely e.g. step-up basis on death + $11.7 million estate and gift tax exclusion per person, $500k capital gains tax exclusion for sale of a home for a married couple (Section 121), Grantor Retained Annuity Trusts, Roth IRAs.