It was only recently that I started thinking about inheritance and the step up in basis and realized I had a big problem for my heir(s). I had one stock position that was so unbelievably underwater. Of course in this case the stepping up in basis for that position would be bad for the beneficiary as they would lose the capital loss benefit of the very high cost basis since it would be reset to the current value. I have managed to mostly sell those high cost basis shares (offsetting gains elsewhere that I actualized) and feel much better about the situation. Of course what you describe benefits 95%+ of the beneficiaries but wanted to throw out an example of mine.

It was only recently that I started thinking about inheritance and the step up in basis and realized I had a big problem for my heir(s). I had one stock position that was so unbelievably underwater. Of course in this case the stepping up in basis for that position would be bad for the beneficiary as they would lose the capital loss benefit of the very high cost basis since it would be reset to the current value. I have managed to mostly sell those high cost basis shares (offsetting gains elsewhere that I actualized) and feel much better about the situation. Of course what you describe benefits 95%+ of the beneficiaries but wanted to throw out an example of mine.

No argument that sales tax is a regressive tax (although meds and groceries are exempt). However, the municipalities have reaped huge increases in revenue solely because of the giant rise in valuations. So they get the money and then spend it. It is not like they needed all that extra money. What would they have done if instead of the huge rise in valuations, they stayed the same over the last decade?