The Steubings plan to leave their properties to their daughters when they pass so they can continue the family’s ranching heritage, but Biden’s tax proposals have them extremely concerned that future generations’ inheritances may be gobbled up by taxation. Through his American Families Plan, Biden proposed ending the step up in basis for gains upon death, raising capital gains taxes and deeming death and gifts as transactions, among other changes. If the tax proposals were enacted, it would “destroy” the Steubings’ ranches.
Location: Carrizo Springs, Texas
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