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Had To Sell Business Due To Estate Tax

by Policy and Taxation Group Admin | Aug 24, 2017 | Blog, Estate Tax Horror Stories, Oklahoma

My father owned a small business which provided health products to his long time customers. Upon his death, we had to sell the business because of the estate tax on the sole proprietorship business left us too little to continue it. Now my brother and I who used to...

Had To Sell Business Due To Estate Tax

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Death Tax & Estate Tax News

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%.

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.

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.

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