Photo : webshot. 

August 04,2021

Anna Murray 

The United State Democratic is proposing a new rule, the Sensible Taxation and Equity Promotion (STEP). It would have a taxation impact when family members inherit assets. 

Senator of Maryland, Chris Van Hollen, stated that taxpayers still have $1 million inheritance tax exemption. The government should tax the rich while they change ownership of their assets at death. This benefit for the rich should be cancelled to favor for all. 

However, Vice President of Taxation and Domestic Economic Policy at NAM, Chris Netram, thinks differently.  He mentioned family-owned factory would have other compensations for their tax cover. These include liquidate assets or dismiss workers. Both would cause negative impacts for economic growth. 

Up to now, Biden administration only target family-owned business.  Taxpayers should put a question mark for the benefit for all Americans.