evidence: If Your Time is short • Biden has proposed eliminating the "stepped-up basis," a tax policy that reduces inheritance taxes. [...] One Oct. 25 Facebook post says, "Did you know Biden wants to get rid of something called ‘stepped up basis’??? How does this affect you! When your parents pass and leave you the family house normally you would inherit that property at what it is worth today. If you were to sell that house you would only pay taxes on the gain from what it is worth today and what it sells for. If Biden does away with ‘stepped up basis’ you will inherit the property for what your parents paid for the property. If you decide to sell you will pay taxes on the difference between the original purchase price and what it sells for today." [...] A Facebook post claims that Biden wants to get rid of stepped-up basis, a tax policy that allows people inheriting and selling certain assets to only pay tax on the increase in value from the time it was inherited, rather than on the gains in value from the time it was originally purchased.