Commercial Creamery’s Mike Gilmartin discusses the stepped-up basis on inheritance, the Small Business Deduction, and higher personal income tax rates
“There’s no way my kids are going to be able to come up with that money. The next generation that is going to inherit that cannot pay the tax.”
So warned NFIB Washington member Mike Gilmartin about congressional proposals to eliminate the stepped-up basis on inheritance. According to Investopedia, “Put simply, a step-up in basis adjusts the value of an asset when it passes from an owner to their heir. The higher market value of the asset at the time of inheritance is considered for tax purposes. When an asset is passed on to a beneficiary, its value is typically more than what it was when the original owner acquired it. The asset receives a step-up in basis so that the beneficiary’s capital gains tax is minimized.”
As part of NFIB’s Small Business Survival campaign, Gilmartin, who owns businesses in Washington state and in Idaho and is a member of NFIB Washington’s Leadership Council, took part in the In Their Own Words component of the public affairs efforts to educate Congress about the harm it could do Main Street by eliminating the stepped-up basis, reducing the Small Business Deduction, and increasing the personal income tax rate.
After his taping, NFIB nationally distributed a news release about its latest In Their Own Words video, which received wide media coverage.
“Mike Gilmartin’s message shows the added value Leadership Council members bring to the discussion about important legislation and policy issues at the federal and state level. We need more members like Mike who are willing to speak up and help us amplify the Voice of Small Business in the halls of Congress and in the state legislature,” said NFIB Washington State Director Patrick Connor.
Interested in serving on NFIB Washington’s Leadership Council? Send an email to Grassroots Manager Stacy Jenkins.