- July 10, 2021
- Posted by: Stratford Team
- Category: Business
Rep. Dan Meuser, R-Pa., on Presidents Biden’s tax plans.
President Biden has laid out a sweeping tax plan to raise the rates paid by wealthy Americans and corporations – but his proposal may inadvertently increase the tax bill of small businesses across the country.
Biden has called for imposing higher taxes on capital gains and income for the top slice of income-earners, in part by closing a decades-old loophole that allows individuals to inherit appreciated assets at current market value with no taxes on the unrealized gain. Known as the “step-up” basis, the quirky tax code allows beneficiaries to sell those assets and pay capital gains based only on the time they receive the asset and the time they sold it, allowing them to minimize the tax penalty.
WHAT BIDEN’S CAPITAL GAINS TAX PROPOSAL COULD MEAN FOR YOUR WALLET
But the Tax Foundation, in a new analysis published Wednesday, warned that taxing capital gains at death could potentially…