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.
