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Study: Repealing stepped-up basis would hurt the economy thefencepost.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thefencepost.com Daily Mail and Mail on Sunday newspapers.
-Family Business Estate Tax Coalition WASHINGTON A new report released today, April 20, by EY finds that repealing the step-up in basis tax provision would damage the gross domestic product (GDP) and significantly decrease job creation. The study was conducted for the Family Business Estate Tax Coalition, which includes almost 60 organizations representing family-owned businesses. The EY study found middle-class, family-owned businesses would be particularly hard hit by the repeal. Currently, when someone inherits assets, they aren’t taxed on the appreciation that happened before they inherited them. If family-owned farms, small businesses or manufacturers are forced to pay capital gains accrued by the prior owner, they would likely face large tax bills that put the future of their business at risk. ....
Coronavirus Economic Weekly News 18April 2021 News posted last week about economic effects related to the coronavirus 2019-nCoV (aka SARS-CoV-2), which produces COVID-19 disease, has been surveyed and some articles are summarized here. We cover the latest economic data, especially the new coronavirus relief bill and stimulus checks, government funding, the latest employment data, housing market reports, mortgage delinquencies & forbearance, layoffs, lockdowns, and schools, as well as GDP. The bulk of the news is from the U.S., with a few more articles from overseas at the end. (Picture below is morning rush hour in downtown Chicago, 20 March 2020.) News items about epidemiology and other medical news for the virus are reported in a companion article. ....
Nine Must Reads for the CRE Industry (April 15, 2021) NMHC President Doug Bibby has announced he is postponing his retirement until early 2023. Philadelphia real estate developer and former PREIT CEO Ron Rubin passed away at age 89, reports the Philadelphia Inquirer. These are among today’s must reads from around the commercial real estate industry. NMHC President Doug Bibby Postpones Retirement “Doug Bibby, the veteran president of the National Multifamily Housing Council (NMHC), has announced that he will now retire at NMHC’s Annual Meeting in January of 2023.” (NMHC) Developer and ex-mall CEO Ronald Rubin, a father of modern Center City, dies at 89 “Ronald Rubin, who altered central Philadelphia’s streetscape and skyline as a developer before taking the helm of what would become the region’s biggest mall landlord, PREIT, has died. He was 89.” ( ....