EMA joined the Family Business Estate Tax
Coalition (FBETC) in a letter to members of Congress indicating
support for the continuation of stepped-up basis and a study from EY
illustrating that GDP would decrease by $100 billion over 10 years if
stepped-up basis were repealed by imposing a tax on unrealized gains at death.
Repealing stepped-up
basis by imposing capital gains taxes when assets transfer ownership at death
would force many family-owned businesses to liquidate assets or lay off
employees to cover the tax burden.
This new tax would be imposed on top of any existing estate tax liability, further compounding the negative impacts and creating a second tax at death.
