QUORUMCALL//GPT:
Democratic senators, led by Senator Elizabeth Warren, are pushing for legislation to close loopholes in the estate tax system ahead of an anticipated battle over wealth taxation in 2025.
THE PROPOSAL
• The bill, dubbed the “Sensible Taxation and Equity Promotion Act” or STEP Act, aims to close the “stepped-up basis” loophole, which allows wealthy families to pass on assets without paying capital gains tax.
POLITICAL SHOWDOWN AHEAD
• This move by Democrats is seen as a pre-emptive strike against Republicans, who are likely to fight any increase in wealth taxes, as the estate tax cuts of 2017 are set to expire in 2025.
TOPICS COVERED
#STEPAct #EstateTax #WealthTax
SOURCE NOTE
Bloomberg Law is a credible source for legal and tax related news. This report is straightforward and factual, without an apparent bias.
