(Battle over Reconciliation) Republicans waging war against President Biden's proposed tax increases are increasingly focusing their opposition on one floated change to capital gains.

https://www.thewealthadvisor.com ^ | July 28, 2021

[11th_VA]

Biden has called for taxing capital gains at death as a way to raise taxes on the wealthy and help pay for his social spending proposals. GOP lawmakers, along with business groups and conservative organizations, argue such a move would hurt family-owned businesses and farms…

Currently, capital gains are not taxed at death. Additionally, when heirs sell an asset, they have to pay capital gains taxes on the difference between the value of the asset when it was sold and the value of the asset when they received it, not on the difference between the value of the asset when it was sold and the value of the asset when it was initially purchased. This concept is known as “stepped-up basis.”

Biden is proposing to end stepped-up basis for capital gains in excess of $1 million per person and tax those gains at death.

The administration is seeking to prevent owners of family businesses and farms from being hurt by the proposal by providing that taxes on the appreciation of these businesses would not have to be paid until they are sold or stop being family owned and operated…

A group of 13 House Democrats from rural districts, including Rep. Cindy Axne (Iowa), wrote a letter in May to the party's leaders in the chamber urging them to include exemptions for family farms and small businesses in legislation based on Biden’s plans.

Additionally, House Agriculture Committee Chairman David Scott (D-Ga.) wrote a letter to Biden last month expressing concerns that the president’s proposed protections for family farms “could still result in significant tax burdens on many family farming operations.”

Republicans see the letters as a sign that their arguments against Biden’s proposal could resonate with Democrats…

[Lurkinanloomin]

Both bills need to be killed.
The “infrastructure” bill is the Trojan horse for the reconciliation package with all the country killing stuff in it and the GOP knows it.

[nhwingut]

Repubs fighting for capital gains tax as Marxist Dems wage a Maoist revolution.

So GOPe.

[Dr. Franklin]

This is Gettysburg in the reconciliation bill …

The issue here is the Vichy RINOs looking to cut deals with the Dems. The Republican Party should be blocking as much of the Dem's agenda as it can. It's good politics and will play well in 2022, if not sooner. The less legislation gets passed, the less chaos when it gets reversed when the election is proved a sham and fraud perpetrated with foreign interference and hacking.

[Newbomb Turk]

Why should government get a single penny of your assets upon death ? What risk did government take ? What blood sweat and tears did government shed to build wealth or purchase farmland or build a business ? Government if anything, stands in the way of business progress.

we should burn the Congress to the ground. They are our representatives. Not our leaders. And they suck at the job !

[BatGuano]

“Take it all.” Unfortunately there are not enough mega rich folks to matter. The taxes have to be expanded to all of the middle class, as well.

[Governor Dinwiddie]

It’s all so bums, layabouts, drug addicts, gibs-me-dats, malingerers, favored racial groups, and welfare queens keep getting free stuff.