This is How America’s Richest Families Stay That Way (nytimes.com)

tldr; the pay lower taxes than their gardeners and nannies do, and invest in companies that pay similarly low taxes (and that in some cases don’t even pay a living wage to their employees).

I think it's fair to eliminate the stepped-up basis. At least that makes sense vs the "let's tax unrealized capital gains every year" idea. That makes no sense unless they also issue tax credits every year.

I'm guessing part of the reason the stepped-up basis rule exists is because people have stocks that have been inherited and the original purchase price is not known. How would they handle that?