House Democrats' plan drops repeal of ‘stepped up basis’ for inheritances
"The lack of changes to step-up in basis in the Ways and Means texts suggests that there remain ongoing concerns about how that proposal would impact family-owned businesses and farms," said Garrett Watson, a senior policy analyst at the Tax Foundation.
Although Biden has promised protection for family owned farms, there has been pushback from industry groups, such as theIn recorded history, we've never even seen a family that's lost their farm because of an estate tax."In recorded history, we've never even seen a family that's lost their farm because of an estate tax," said Steven Rosenthal, senior fellow at the Urban-Brookings Tax Policy Center. "It just does not happen.
"But that doesn't hurt the imaginations of all these politicians who want to use the family farm as a straw man," he said. These proposals may change as the Ways and Means Committee Democrats continue to debate tax policy. While the House may pass the final bill in the coming weeks, the party will also need support from all members of the Senate Democratic caucus.
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