Reviving this thread with less than 3 weeks to the election, which will come after the biggest government deficit of our lifetime.
The bill will come due, and it is likely to be in the form of new taxes as well as closed loopholes and tax breaks.
I personally think there will be a VAT of some form introduced within the next 4-6 years.
I think basis step-up at death will go away.
1031 exchanges might go away.
And some other method to extract more taxes out of retirement plans will come (on top of the end of the stretch IRA that we got with the last overhaul).
What do you think we might see? What kind of government (POTUS/SENATE/HOUSE) do you think might be most favorable?
An interesting article showing that the current burden might be very high on low income rings very true:
https://www.bloomberg.com/news/articles/2020-10-15/tax-burden-equal-to-70-rate-crushes-americans-unable-to-pay-it?srnd=premium how would you address these issues?