Please read the article Ashlea Ebeling, IRS Announces 2018 Estate And Gift Tax Limits: $11.2 Million Per Couple, Forbes (Oct. 19, 2017) (Links to an external site.). One of the reasons that we allow a fair-market-value step up in basis for inherited property, is that any appreciated gain will be taxed via the Estate Tax. Therefore, there is often no need for each individual beneficiary to pay an income tax on any appreciation on the property, because the property will already be taxed at the estate level. Do you think that Congress should repeal the estate tax and instead tax each beneficiary on the appreciation of property? Please explain why or why not. What do you think would be the pro's and con's of such a repeal.