<p>CAP Report Says Biden Proposals Would Only Affect High Incomes</p>

CAP Report Says Biden Proposals Would Only Affect High Incomes

Center for American Progress

President Biden’s proposals to modify the tax treatment of capital gains, including one that would repeal stepped-up basis, would only affect taxpayers with large amounts of untaxed gains and wouldn’t raise taxes on small family farms or businesses, the Center for American Progress said in an August 30 report.

<p>President Biden’s proposals to modify the tax treatment of capital gains, including one that would repeal stepped-up basis, would only affect taxpayers with large amounts of untaxed gains and wouldn’t raise taxes on small family farms or businesses, the Center for American Progress said in an August 30 report.</p>