evidence: 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. Here is what this looks like! [...] The viral post accurately stated that Biden proposed getting rid of the "stepped-up" basis for capital gains tax, and correctly explained the potential practical consequences for an individual taxpayer who inherits a home. In fact, the tax hit for wealthier individuals would be even greater than the post stated, because Biden has also proposed doubling the rate of long-term capital gains tax for those with income over $1 million. We are issuing a rating of "True." [...] During the 2020 presidential election, Biden and his campaign repeatedly expressed his intention to get rid of the stepped-up basis. As first highlighted by Politifact, the Biden campaign presented the proposal as a partial way to pay for its proposed student loan reforms. In October 2019, ABC News reported that: