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Thune, Daines, McConnell, Crapo Lead Entire Senate Republican Caucus in Urging Biden Administration to Drop Step-Up In Basis Tax-Hike Proposal

Thune, Daines, McConnell, Crapo Lead Entire Senate Republican Caucus in Urging Biden Administration to Drop Step-Up In Basis Tax-Hike Proposal
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American Families Plan Will Raise Taxes on the Rich, but Will Small Businesses Also Take a Hit?

American Families Plan Will Raise Taxes on the Rich, but Will Small Businesses Also Take a Hit?
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Biden Says He'll Protect Businesses From Certain Tax Hikes. It's Not Clear How

The proposal funds the programs by hiking taxes on the wealthiest Americans and closing certain loopholes. The plan raises the capital gains tax rate to 39.6% for households that make more than $1 million and closes the so-called step up in basis for gains of more than $1 million, or $2.5 million per married couple, minus certain real estate exemptions.
The White House said that the plan will include protections for owners of businesses and farms to shield them from what could be a significant tax hit if they want to pass the asset on to an heir, such as a child or sibling, upon their death. ....

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Biden has pledged to tax the rich — but precisely how will he do that? Experts consider his options

Biden has pledged to tax the rich but precisely how will he do that? Experts consider his options
MarketWatch
1 hr ago
TAXWATCH
If President Joe Biden’s campaign pledges to tax the rich were the coming attractions, we’re about to arrive at the main event.
After unveiling a $2.3 trillion infrastructure spending proposal powered by corporate tax increases, Biden will soon release his “American Families Plan” to offer programs like free community college and paid family leave. The president is expected to fund the forthcoming plan with tax increases on wealthy households.The question is precisely
which tax hikes will he propose? And what can he get through a Congress where Democrats have the barest of majorities one where the president cannot afford any ‘no’ votes? ....

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