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Is the STEP Act Bad for Small Business?

October 15, 2021


Small business owners are keeping a wary eye on two pending pieces of legislation: The STEP Act and the 99.5% Act.

The two proposals put forth in the Senate in late March, target inherited wealth.

Proposed changes to the STEP act would impact family-owned businesses. It would eliminate stepped-up basis upon death of an owner.

Proposed changes to the 99.5% Act will change estate taxes. It would decrease the estate tax exemption.

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