President Biden has proposed an elimination of step up in basis and an increase in the capital gains tax; how much will this impact family businesses?
See the example below.
A $50 million family business could be subject to a $82 million estate tax after the death of second generation, and an additional capital gains tax of $97 million for a total tax of $182 million when the business is sold by the 3rd generation to pay the estate tax!!!
Policy and Taxation Group is your voice in Washington on economic freedom. We advocate for policies that allow American families to fully enjoy the economic liberties and benefits of a robust free market unique to our nation. For over 25 years, we have been the loudest voice in the nation’s capital on eliminating the death tax. This ill-conceived tax has a destructive impact on families, family businesses, job creation, and the national economy.