ICBA pushing grassroots on reconciliation tax hikes

While ICBA’s IRS campaign continues, it is also calling on community bankers to speak out against a comprehensive package of tax increases on community banks and their customers.

Background: As part of its $3.5 trillion budget-reconciliation package, Congress is considering proposals to raise rates on pass-through shareholders and C corporations, cap the Section 199A deduction, increase the capital gains tax, and impose capital gains at death.

Grassroots: ICBA’s Be Heard grassroots action center allows community banks to send customizable messages to their lawmakers opposing these proposed tax hikes.

New Letter: In a joint letter to the House Ways and Means Committee, ICBA and other business groups called for the continuation of the “stepped-up basis” tax policy, whereby capital appreciation during a decedent’s lifetime is not subject to tax.