Talking Points Memo: Tester Pours Cold Water On Proposed Changes To ‘Stepped-Up Basis’ Provision Of Tax Code
Reiterating his warning against the “danger” of incorporating provisions that haven’t already been “proven in the tax code,” Sen. Jon Tester (D-MT) wrote that he cannot support proposed changes to the “stepped-up basis” provision of the tax code in a letter issued Tuesday to Senate Finance Committee chair Ron Wyden (D-OR) and Majority Leader Chuck Schumer (D-NY).
“As we move into a new phase of negotiations on reconciliation, I write to reiterate that I cannot support the proposed changes in the American Families Plan to ‘stepped-up basis’ which would negatively impact a families’ ability to keep running a farm, ranch, or small business from one generation to the next,” Tester wrote. “We need to protect our family farms, ranches, and small businesses. They are the life blood of rural communities all across the country.”
Tester’s opposition to changing “stepped-up basis” – taxes paid on inherited assets – doesn’t come as a surprise. He was vocal in his opposition to the changes and ensured that they weren’t included in the House-written package released last month.