Source: Lindsey McPherson, ROLL CALL, 5/6/21


A group of 13 House Democrats, led by Iowa’s Cindy Axne and California’s Jim Costa, is pressing party leaders to exempt family farms from a tax increase President Joe Biden has proposed on inherited assets to help pay for new child care, education and other spending. Under Biden's $1.8 trillion package of family-related assistance, heirs would no longer receive "stepped up basis" for capital gains tax purposes, which resets the value of inherited property to the date of death. Instead they'd be liable for the tax on the full appreciation in value from the time the original owner purchased the assets, in some cases many decades earlier.

For more of this story, click here.