Taylor Tepper - Forbes Advisor
President Joe Biden campaigned on a promise not to raise taxes on middle-class Americans. But a little-known provision in his big social programs bill could do just that.
Tucked away in the American Families Plan, is a proposal to change the way capital gains taxes are paid on estates when people pass away. This seemingly small revision to a tax rule called stepped up basis could cause average Americans to pay more to Uncle Sam than they would under the current tax regime, in addition to upending estate planning for the nationâs affluent and uber-wealthy.
Stepped Up Basis Reform: Biden’s Middle-Class Tax Hike?
May 6, 2021 6:34 AM Taylor Tepper - Forbes Advisor
Posted:
Updated:
May 8, 2021 6:32 AM
President Joe Biden campaigned on a promise not to raise taxes on middle-class Americans. But a little-known provision in his big social programs bill could do just that.
Tucked away in the American Families Plan, is a proposal to change the way capital gains taxes are paid on estates when people pass away. This seemingly small revision to a tax rule called stepped up basis could cause average Americans to pay more to Uncle Sam than they would under the current tax regime, in addition to upending estate planning for the nation’s affluent and uber-wealthy.
Norma Jean Huss, 91, of Willow Street, Pa., passed away Tuesday, April 27, 2021 at the Willow Valley Communities healthcare facility, after an illness.
Born in Missouri, Norma moved with her family at age five to the state of Washington. She grew up on her family s farm near Acme and graduated from Mount Baker High School in 1948.
As a young woman, Norma attended the secretarial school at Central Washington College. She secured gainful employment as a secretary in the Contracts division for Scraps and Disposals at Boeing Airplane Company. There, her most interesting assignment was to take notes for the meetings between Boeing executives and the Air Force to plan the disposal of the tooling for the discontinued legendary World War II era bomber, the B29 Superfortress.
Grogan & Company’s annual Spring Auction will be held on Sunday, May 2 at 11 am at the firm’s headquarters in Boston’s historic Beacon Hill. This year’s sale features a curated .
Grogan & Company’s annual Spring Auction will be held on Sunday, May 2 at 11 am at the firm’s headquarters in Boston’s historic Beacon Hill. This year’s sale features a curated .