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 worth $50 million, and at the founder’s death, an 81% tax COULD be paid.
So pay close attention to what is being discussed and let your members of Congress know you do not support elimination of step up in basis.
![Tax_infoGraphic-v2](https://familyenterpriseusa.com/wp-content/uploads/2021/05/Tax_infoGraphic-v2.jpg)
Family Enterprise USA advocates for American Family business. We help family businesses communicate their challenges and contributions to American economic freedom to Legislators. We represent all American family businesses; not just specific industries and provide research to enhance the opportunity for success. We help family businesses continue to establish their unique business legacy. Family Enterprise USA is a 501(c)(3) non-profit organization.. Family foundations can donate.