Source: Jacqui Fatka, FARM PROGRESS, 4/28/21


In his first address to Congress Wednesday night, President Joe Biden will unveil his American Families Plan which calls for changing the existing tax code handling of capital gains and eliminating stepped-up basis. However, his plan will offer protections for family-owned businesses and farms who pass on the entity to their heirs. In a call with senior White House officials Tuesday evening ahead of the speech, one official notes the plan would address the loophole in the existing tax code...

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