Concerns mount over potential elimination of stepped up basis in new tax bill
Senator Chuck Grassley is back in Washington after touring Iowa during the Easter recess. He says that many constituents expressed concern over the elimination of stepped up basis, especially pork farmers who have made significant investments on their family farms.
Eliminating stepped up basis is being considered as a way to help fund the President’s infrastructure bill.
Grassley says that he will fight the measure and fight to keep the Trump tax cuts.
According to the Senator, “If they’re going to get it done on a party-line basis, that’d be part of reconciliation. I don’t see him getting 60 votes to accomplish what they want to accomplish on this tax bill... We haven’t had a Republican caucus on this yet, but I would see Republicans’ defense of... the 2017 tax bill being a pretty stonewall approach.”
Grassley compares this bill to Democrats stonewalling efforts to chance Obamacare.
Regardless, many times with tax bills, the effective date becomes when the bill is introduced, or could even be retroactive. So experts say to be careful about making any large business decisions until a final text of the plan is released.
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