Tell Congress
Say No to the Double Death Tax
Congress is considering a new tax based on the STEP Act that would make it harder for middle-class Americans to pass on what they build to their kids.
Add your name to tell Congress to Stop the STEP Act!
Add Your Name
The Wrong Approach
A Crippling Tax for Small Businesses and Middle-Class Families
The STEP Act would dramatically change the way capital gains are assessed and taxed on what someone owns at the time of their death – including family farms, homes, and small businesses. Eliminating the so-called stepped-up basis and triggering an immediate new tax upon death would unravel a system that has allowed generations of Americans to pass down what they have built to their families. It’s a double tax that will devastate middle-class families.
“When you look at what has made America an economic powerhouse, it's been a combination of entrepreneurship— the willingness to take a risk on yourself and your business, and the access to capital to make it happen. These principles have been focal points of the American Dream for generations, and taxing decades of ingenuity and hard work will serve as a detriment to economic growth and prosperity.”
Former U.S. Senator Heidi Heitkamp (D-ND)
Here’s why the STEP Act is the wrong approach:
It creates massive tax bills for grieving families
The STEP Act would tax the capital gains of assets from the time they were purchased immediately upon inheritance, creating a potentially massive tax bill for families that just lost a loved one.
It hurts middle-class families most
The rich can hire accountants to find ways out of such taxes, and indeed Congress is already considering loopholes that would benefit the wealthiest Americans. Middle-class families and small businesses are the ones who will face massive new tax bills.
Democrats & Republicans alike oppose the tax
Nearly 6-in-10 Americans firmly oppose this legislation, including a near majority (47%) of Democrats. Voters do not want a tax hike targeted at the middle class and will hold Members of Congress who vote for it accountable.
VIDEOS
See how taxing unrealized gains could impact American families.
Meet Luis
Luis has worked his land for more than 50 years and plans on passing it down to his children – but his farm won’t survive the STEP Act.
Meet Maria
Maria built a carpet business that employs 30 people. Her kids want to build it further – but the STEP Act might make it impossible.
Meet Ruth
Ruth wants to leave her son the business she built, and the home he was raised in. But the STEP Act may force him to sell both.