How do we prevent America from becoming an aristocracy while also funding the programs that Americans desperately need? One way is to get rid of a tax loophole you probably never heard of. It's known as the Stepped Up Basis Rule. Here's how the Stepped Up Basis loophole now works. Say you have a man named Jeff. At his death, Jeff owns $30 million worth of stocks. He originally bought for a total of $10 million. Under existing law, neither Jeff nor his heirs would owe federal tax on the $20 million of gains because they're automatically stepped up to their value when he dies. $30 million. Wow! Under Biden's proposal, Jeff's $20 million of gains would be taxed. Oh, and don't worry, Biden's proposal doesn't touch tax-favored retirement accounts, such as 401Ks, and it only applies to the very richest Americans. As it is now, the Stepped Up Basis loophole enables the super-rich, like Jeff, to avoid paying more than $40 billion in taxes each year. It has allowed them to skip taxes on the increased value of mansions and artworks, as well as shares of stock. In fact, it's one of the chief means by which dynastic wealth has grown and been passed from generation to generation, enabling subsequent generations to live off that growing wealth and never pay a dime of taxes on it. Unless the Stepped Up Basis loophole is closed, we'll soon have a large class of hugely rich people who have never worked a day in their lives. Over the next decades, rich baby boomers will pass on an estimated $58 trillion of wealth to their millennial children, the largest intergenerational transfer of wealth in history. No, God, please, no, no! Closing this giant tax loophole for the super-rich is how Biden intends to fund part of his American Families Plan, which would provide every child with two years of preschool, and every student with two years of free community college, as well as provide paid, family, and medical leave to every worker. Closing this Stepped Up Basis loophole, and we help finance the programs the vast majority of Americans desperately need and deserve. We also end the explosion of dynastic wealth. It should be a no-brainer.