evidence: To help fund its American Families Plan, the Biden Administration has proposed eliminating the step-up in basis (also referred to as "stepped-up basis"), which is a provision in tax law that applies to the taxation of capital gains at death. Doing so would make the tax system more progressive, align the taxation of income from investments with that of wage earnings, and could raise more than $100 billion over the next 10 years. At the same time, it would have a significant effect on how Americans plan their estates and pass assets on to their heirs. [...] Opponents of the stepped-up basis argue that the provision is a tax sheltering strategy that primarily benefits wealthy taxpayers and that it represents an unfair loophole in the tax system, as it serves to shield some capital gains from ever being taxed. For example, in the scenario above, $80,000 of capital gains would effectively never be taxed. Furthermore, the stepped-up basis creates an incentive and a pathway to continue to pass assets from one generation to the next within the same family, thereby contributing to the concentration of wealth. Others argue that eliminating the stepped-up basis would result in a form of double taxation that would arise from the combination of the estate tax and the capital gains tax. However, the issue is complex, as the estate tax does not apply to estates that are worth less than $11.7 million in 2021, so very few estates face taxation. Moreover, the few estates above that threshold can still exempt $11.7 million from the calculation.