[mywittyname]

> This is the step-up in basis and is key to building generational wealth in the US.

Yes, but for most people, that's not really a benefit. It's possible to exclude the first few hundred thousand of capital gains taxes on a primary residence anyway. So even without the step-up basis, the tax burden on these properties would be tiny.

Property taxes are a much more significant form of taxation than capital gains. And would be even without any preferential treatment.

[pksebben]

capital gains ought to be taxed like regular income. it's insane that we cut breaks for wealth generation that requires no effort, and is scalable