Adjusting or even eliminating the step-up in value would help the Biden administration fund its long list of policy promises. And nixing the benefit would draw fierce opposition from well-heeled opponents and perhaps even some small businesses that might see their legacy cut down by taxes.

Ed Slott, CPA and founder of IRAhelp.com, thinks repealing the step-up in basis would be a logistical quagmire. “It’s dead on arrival. It would be a monstrous record-keeping nightmare,” he says.

Repealing step-up in basis has been making the rounds of think tanks in recent years. Like many wonky ideas on Capitol Hill, it has made precious little progress toward becoming law. The paperwork bedlam and the potential impact on people who might not look wealthy are major hurdles.