“The fact is the tax changes will hit a wide range of small businesses in Colorado”
NFIB Colorado State Director Tony Gagliardi penned a guest editorial for Colorado Politics warning of the huge cost to Colorado contained in President Biden’s American Families Plan.
“To pay for the proposed $3.5 trillion American Families Plan, President Biden’s ‘human infrastructure’ plan, Congress is searching for new sources of revenue, including problematic changes to family-owned businesses. While advocates assert that this legislation is a new opportunity to ‘tax the rich,’ the fact is the tax changes will hit a wide range of small businesses in Colorado, be it a manufacturer on the Front Range or a family ranch on the Western Slope.
“One proposal would create a new ‘double death tax’ by eliminating what is known as ‘stepped-up basis.’ It’s a long-standing part of the U.S. tax code that is absolutely key to the continuation of multi-generational family businesses.”
Click the graphic below to read the entire guest editorial.
