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National & World Ag News Headlines |
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Ag Groups See Issues with Capital Gains Proposals
USAgNet - 09/13/2021
Business and agricultural groups are urging congressional lawmakers to oppose a potential provision of the budget reconciliation bill that would eliminate for inherited assets the stepped-up basis and consider the transfer of wealth at death as a capital gains tax
event.
The Family Business Estate Tax Coalition last week sent a letter to the Senate and House tax-writing committees, asking that they not add such language to the $3.5 billion tax and spending legislation. Without step-up in basis – a rule that has been part of the
Internal Revenue Code since 1954 – inherited assets would be subject to capital gains taxes on the difference between the original (and usually significantly lower) price and the value when the assets are passed to an heir or heirs.
According to a study conducted by Ernst & Young, this would cause a loss of more than 40,000 jobs a year and reduce GDP by $50 billion over 10 years.
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