{"id":3642,"date":"2021-06-15T00:53:41","date_gmt":"2021-06-15T07:53:41","guid":{"rendered":"https:\/\/familyenterpriseusa.com\/?p=3642"},"modified":"2021-06-04T17:29:32","modified_gmt":"2021-06-05T00:29:32","slug":"caution-elimination-of-step-up-in-basis-could-destroy-your-business","status":"publish","type":"post","link":"https:\/\/familyenterpriseusa.com\/feusa\/caution-elimination-of-step-up-in-basis-could-destroy-your-business\/","title":{"rendered":"CAUTION: Elimination of Step Up in Basis Could Destroy Your Business!"},"content":{"rendered":"<p>[et_pb_section fb_built=&#8221;1&#8243; _builder_version=&#8221;3.22&#8243;][et_pb_row _builder_version=&#8221;3.25&#8243; background_size=&#8221;initial&#8221; background_position=&#8221;top_left&#8221; background_repeat=&#8221;repeat&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;3.25&#8243; custom_padding=&#8221;|||&#8221; custom_padding__hover=&#8221;|||&#8221;][et_pb_button button_url=&#8221;https:\/\/familyenterpriseusa.com\/polling-and-research\/stop-elimination-of-step-up-in-basis-that-could-destroy-businesses-contact-congress\/#\/4\/&#8221; button_text=&#8221;Contact Congress Now&#8221; button_alignment=&#8221;center&#8221; admin_label=&#8221;Call to Action Button&#8221; _builder_version=&#8221;4.9.4&#8243; _module_preset=&#8221;default&#8221; custom_button=&#8221;on&#8221;][\/et_pb_button][et_pb_text admin_label=&#8221;Content&#8221; _builder_version=&#8221;4.9.4&#8243; text_font=&#8221;||||||||&#8221; text_font_size=&#8221;16px&#8221; background_size=&#8221;initial&#8221; background_position=&#8221;top_left&#8221; background_repeat=&#8221;repeat&#8221;]<\/p>\n<h2>While the devil is in the details, it is possible that if President Biden&#8217;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%.<\/h2>\n<h3>The graphic below shows an example of a business worth $50 million, and at the founder\u2019s death, an 81% tax COULD be paid.<\/h3>\n<p>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.<\/p>\n<p>[\/et_pb_text][et_pb_image src=&#8221;https:\/\/familyenterpriseusa.com\/wp-content\/uploads\/2021\/05\/Tax_infoGraphic-v2.jpg&#8221; title_text=&#8221;Tax_infoGraphic-v2&#8243; align=&#8221;center&#8221; _builder_version=&#8221;4.9.4&#8243; _module_preset=&#8221;default&#8221;][\/et_pb_image][et_pb_button button_url=&#8221;https:\/\/familyenterpriseusa.com\/polling-and-research\/stop-elimination-of-step-up-in-basis-that-could-destroy-businesses-contact-congress\/#\/4\/&#8221; url_new_window=&#8221;on&#8221; button_text=&#8221;Please Take Action Today!!!&#8221; button_alignment=&#8221;center&#8221; admin_label=&#8221;Call to Action Button&#8221; _builder_version=&#8221;4.9.4&#8243; _module_preset=&#8221;default&#8221; custom_button=&#8221;on&#8221;][\/et_pb_button][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=&#8221;3.25&#8243; background_size=&#8221;initial&#8221; background_position=&#8221;top_left&#8221; background_repeat=&#8221;repeat&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;3.25&#8243; custom_padding=&#8221;|||&#8221; custom_padding__hover=&#8221;|||&#8221;][et_pb_text admin_label=&#8221;FEUSA Statement&#8221; _builder_version=&#8221;4.8.2&#8243; background_size=&#8221;initial&#8221; background_position=&#8221;top_left&#8221; background_repeat=&#8221;repeat&#8221; link_option_url=&#8221;https:\/\/familyenterpriseusa.com\/donate-2\/&#8221;]<\/p>\n<hr \/>\n<p><a href=\"https:\/\/familyenterpriseusa.com\/membership\/\">Family Enterprise USA<\/a> 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.. <a href=\"https:\/\/familyenterpriseusa.com\/membership\/\">Family foundations can donate.<\/a><\/p>\n<hr \/>\n<p>[\/et_pb_text][et_pb_button button_url=&#8221;https:\/\/familyenterpriseusa.com\/donate-2\/&#8221; button_text=&#8221;Are you an FEUSA Member?  If not, get in on the movement today!&#8221; button_alignment=&#8221;center&#8221; admin_label=&#8221;Call to Action Button&#8221; _builder_version=&#8221;4.9.3&#8243; _module_preset=&#8221;default&#8221; custom_button=&#8221;on&#8221;][\/et_pb_button][et_pb_video src=&#8221;https:\/\/www.youtube.com\/watch?v=bsn5xYrxhJg&#8221; _builder_version=&#8221;4.9.4&#8243; _module_preset=&#8221;default&#8221;][\/et_pb_video][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>While the devil is in the details, it is possible that if President Biden&#8217;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 [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":1209,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","content-type":"","footnotes":""},"categories":[48,3,78,36],"tags":[],"class_list":["post-3642","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-family-businesses","category-feusa","category-in-the-news","category-taxes"],"acf":[],"_links":{"self":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/3642","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3642"}],"version-history":[{"count":8,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/3642\/revisions"}],"predecessor-version":[{"id":3667,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/3642\/revisions\/3667"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/media\/1209"}],"wp:attachment":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3642"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3642"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3642"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}