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

Former Democratic Senator Heidi Heitkamp, one of the party’s leading voices on tax policy, said President Joe Biden’s proposal to tax appreciated assets upon death would hurt family farms and family- owned businesses.

“I’m trying to sound the alarm, both economically and politically, for Democrats that this is not a path to walk,” she said in an interview on “Squawk Box.” “The disruption that it would create for small family business and farmers and family assets is not worth the pain.”

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Video Profiles

Hear from families around the country who would be affected by the STEP Act

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.