Tuesday, February 7, 2023
HomewealthFormer Sen. Heidi Heitkamp, a Democrat, says Biden's plan to tax assets...

Former Sen. Heidi Heitkamp, a Democrat, says Biden’s plan to tax assets at death would hurt family businesses

  • Former Sen. Heidi Heitkamp, a Democrat from North Dakota, said the president's proposal to tax appreciated assets upon death would hurt family farms and family-owned businesses.
  • Under President Joe Biden's proposal, individuals who inherit private businesses or property worth millions could face an immediate capital gains tax of more than 40%, even if they don't sell.
  • Heitkamp argues families should owe a capital gains tax only when the asset is sold and the gain is realized.

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