Senate Proposal Would Overhaul Partnership Tax Rules
Senate Finance Committee Chair Ron Wyden (D-Ore.) is working on a draft of legislation that would substantially change some tax rules on partnerships. The new proposal is in line with many others coming from either Democrats in Congress or the Biden White House. They include eliminating step-up basis, the additional 20% deduction for pass-through businesses, carried interest, and the 1031 exchange break as well as increasing the capital gains tax rate. Read the entire article HERE.