Family Businesses Articles

Economic Impact from Repeal of Step-up in Basis

President Biden has proposed the elimination of the “step up in basis,” while keeping the 40% (or higher) estate tax on the full value of a family business owner’s assets. That means that each person who inherits a business will pay taxes on the same appreciation over...

Reach Out To Congress: Ask Them To Sponsor The Estate Tax Rate Reduction Act of 2021

There are efforts in DC to make the estate tax (death tax) worse; higher than a 40% tax on your business and all your assets! But there is hope; a bill to reduce the rate of tax from 40% to 20% has been introduced in the House HR 3178 and in the Senate S1627. We need...

Warning; Elimination of Step Up in Basis could destroy your business!

While the devil is in the details, it is possible that if President Biden's elimination of step-up in basis proposal is passed by Congress you could be paying an estate tax at 40%, and a capital gains tax at 43.4%. The graphic below shows an example of a business...

House Ways & Means Select Revenue Measures Subcommittee Hearing on Taxing the Wealthy

On Wednesday, May 12, the House Ways & Means Select Revenue Measures Subcommittee held a hearing titled "Funding Our Nation's Priorities: Reforming the Tax Code's Advantageous Treatment of the Wealthy." The following witnesses testified at the hearing: Adam...