EMA Urges U.S. House Tax Committee To Continue Stepped-Up Basis
Last week, EMA joined other members of the Family Business Estate Tax Coalition in a letter to Ways and Means Committee Chairman Neal and Ranking Member Brady to state our unequivocal support for the continuation of stepped-up basis.
Stepped-up basis prevents family-owned businesses and farms from being hit with two significant and damaging tax bills when a family member passes away– the capital gains tax on any appreciated assets and the estate tax on whatever is left.
The FBETC opposes any changes to stepped-up basis that would impose this double death tax and increase taxes on family-owned businesses and farms– including administratively unworkable “protections” that simply delay destructive tax hikes.
Click Here to read the entire letter.