When the House Ways and Means Committee produced its components of the Build Back Better Act, it omitted a proposal to tax unrealized capital gains at the time of a person’s death. A recent study from global tax, accounting and advisory firm EY may help explain why.
As Washington continues to debate what will be in a $3.5 trillion reconciliation bill, the issue of taxing unrealized gains on inheritances led dozens of organizations from across the country representing farmers, ranchers, and agribusinesses to send a letter to the Chairmen and Ranking Members of the House Ways and Means and Senate Finance Committees outlining their concerns. The Tax Aggie Coalition, made up of 41 national and regional agricultural groups, sent the letter yesterday.
Former Democratic Senator Heidi Heitkamp, one of the party’s leading voices on tax policy, said President Joe Biden’s proposal to tax appreciated assets upon death would hurt family farms and family- owned businesses.
U.S. Senator Heidi Heitkamp (D-ND) today announced the launch of the Saving America’s Family Enterprises (SAFE), a non-profit educational organization advocating against the imposition of new transfer taxes such as the Sensible Taxation and Equity Promotion (STEP) Act.
Learn about top takeaways from SAFE’s August 2021 Tax Survey, demonstrating clear public opposition to new transfer taxes like the STEP Act.
