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Protections for family businesses from capital gains tax at death – are they enough?
A member of the House Ways and Means Committee says the proposed exemptions for family-owned businesses and farms on the repeal of stepped-up basis and capital gains tax at death is not enough to protect them.
Republican Darin LaHood of Illinois says the proposal is bad public policy that will hurt farmers.
“Even with an exemptions threshold in place, it is going to create a massive new administrative burden for nearly every American family farm and small business.”
He does not feel the Biden administration has done their homework on the impacts of this change and hopes it does not take effect.
“Coming out of a pandemic I think the last thing we need to think about doing is raising taxes on farmers and businesses and individuals and that is exactly what this would do. So, we are going to continue to resist this from passing congress.”
LaHood recently helped author a letter to the Biden Administration, signed by 80 members of congress opposing the repeal of stepped-up basis from the tax code and required payment of capital gains taxes at death.
