President Biden has proposed the elimination of the “step up in basis,” while keeping the 40% (or higher) estate tax on the full value of a family business owner’s assets.
That means that each person who inherits a business will pay taxes on the same appreciation again, each time the business changes hands. And he wants to raise the capital gains tax rate to 39.6 %. or 43.4%. THIS COULD RESULT IN A 81% ON A BUSINESS!
Watch this video and learn how that happens.
Family Enterprise USA advocates for American Family business. We help family businesses communicate their challenges and contributions to American economic freedom to Legislators. We represent all American family businesses; not just specific industries and provide research to enhance the opportunity for success. We help family businesses continue to establish their unique business legacy. Family Enterprise USA is a 501(c)(3) non-profit organization.. Family foundations can donate.
Family Enterprise USA is the organization that represents all family businesses on a national level in DC; it is not unique to any industry. Family Enterprise USA is different from other organizations because it represents and advocates for the families of family businesses and the issues, they face running their businesses every day. Our sole mission and purpose is to promote family businesses and their job growth in America. We also support the work of Family Business Centers across the country. We hope your family will choose to be a member of Family Enterprise USA.