Opening Statements of Nominees to the U S Department of the Treasury for the Senate Committee on Finance marketswired.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from marketswired.com Daily Mail and Mail on Sunday newspapers.
WASHINGTON, D.C. (NAFB) – President Biden’s nominee for Treasury’s tax policy chief got asked about Biden’s proposal to end the stepped-up basis on family farms and replace it with a capital gains transfer tax.
Lily Lawrence Batchelder appeared before the Senate Finance Committee and was quickly confronted with President Biden’s plan to replace the stepped-up basis with a straight capital gains tax at death.
Lawrence Batchelder conceded those earlier proposals to replace stepped-up basis with carry-over basis were repealed but claimed one in 2010 did not have any major problems. Still, Iowa GOP Senator Chuck Grassley argued the Biden plan could still pose problems figuring basis after the owner of a family farm held for generations passes away.
Biden Stepped-up Basis Repeal Addressed at Treasury Nominee s Hearing newsdakota.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from newsdakota.com Daily Mail and Mail on Sunday newspapers.