More than 130 U.S. Representatives have signed a letter opposing proposed tax policy changes outlined in the American Families Plan.
Nebraska Representative Adrian Smith says eliminating stepped-up basis and assessing capital gains taxes at death would disproportionately affect rural areas. “It is damaging when say a family operation to pay the death tax would be expected to sell off some of the assets,” Smith says. “In this day in age, you can’t just sell of part of the farm and expect to have a successful operation.”
Stepped-up basis is a tax provision that allows land and other investments to pass from one generation to the next without capital gains taxation at the time of death.
