Senators Right to Cast Doubt on Stepped-Up Basis Repeal

One of President Biden’s most impactful, but least discussed, tax proposals is the repeal of the so-called “step-up in basis” upon inheritance of a decedent’s estate. But as a group of Republican senators argued in a recent letterto the President, it’s a change that stands to do a great deal of harm to businesses and agricultural operations should it be passed.