Reply #3: And capital assets in an estate continue to escape gains taxes.

[TahitiNut]

Capital assets (stock, property, etc.) in an estate are valuated at market at the time the estate is formed by the death of the owner. When the inheritor sells them, the basis excludes all appreciation from prior to the time the estate was formed.

Thus, not only does the inheritor not pay taxes on the value of the estate, the estate pays no capital gains taxes. This is a double exemption for the "ownership class" ... on income that the recipient did not earn by their labor.

Meanwhile, labor income is now taxed at the highest rates of all.