Most of the comments so far seem entirely to miss the major point of this piece, i.e., that if the basis step-up is repealed along with the estate tax, suddenly anyone who inherits anything (except possibly for cash), will pay income taxes when the inherited property is sold. That's massive new taxation on everyone that pays income taxes.

Compare this to the estate tax: a minuscule percentage of people are subject to it, and its effect can be mitigated to boot with financial planning.

Watch out for Trojan horses like these in the tax reform bill -- it will be full of them. The bill will offer a few crumbs to the middle class, sneak in other tax increases like these, and give a massive tax cut to the rich. That's all this has ever been about.