Overview
Bloomberg quoted Lisa Zarlenga in a May 26 article titled “Details, Details: What to Expect From Biden’s Tax ‘Green Book.’" The article explores what will be included in Treasury’s release of President Biden’s tax proposals called the “Green Book.”
The article suggests that Biden wants the end “step-up in basis.” This allows heirs to use the market value of assets upon inheritance as the cost basis for capital gains, rather than the historical purchase price, which saves them significantly during tax season. Biden promises that the change would only affect larger gains and that there would be exceptions for family-owned businesses and farms but some are still concern.
Zarlenga tells Bloomberg, “There’s a lot of fear that it won’t be enough to protect those family businesses.”
The full article can be read at Bloomberg (subscription required).
