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All Republican Senators Urge President to Keep Step UP - Pat Soldano

Individuals pay a 40% tax on the FULL MARKET VALUE of their assets, when they die, not just on the appreciation of those assets.

That is why they receive a “step up in basis” to this value. On July 21, 2021, Senators Thune, Daines, McConnell, Crapo and ALL Senate Republicans Urged President Biden to keep step up in basis.

See link to Press Release . Note that Policy and Taxation Group was quoted in this Press Release.

“If step-up in basis is eliminated it will be an economic disaster for family businesses, their employees, the local communities, and the national economy,” said Pat Soldano, president and CEO of the Policy and Taxation Group. “Family businesses create 59% of the workforce, 83.3 million jobs, and 54% of the GDP, $7.7 trillion. Elimination of step up and an increase in capital gains could result in an 81% tax on the business owner when he dies.”

Read full press release, “Thune, Daines, McConnell, Crapo Lead Entire Senate Republican Caucus in Urging Biden Administration to Drop Step-Up In Basis Tax-Hike Proposal “.

 


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.