Tester Notes Positive Of Biden’s Bill

U.S. Sen. Jon Tester, D-Mont, noted that some items that Montanans expressed concerns about were not included in President Biden’s Build Back Better Act that gained additional support last week.

During a conference call with state media members, Tester said his priority was that the bill addressed child care, senior care, housing and veterans.

The bill did not include a new requirement that banks need to inform the IRS how much money flows in and out of individual accounts each year.

“It’s not in there. It’s not in the package,” Tester said. “It was a bad idea and I pushed for it to be taken out.”

Also not in the bill is a change to taxes paid on inherited assets, in particular eliminating the so called “stepped up basis.” Under current law, when an asset is inherited following the death of the owner, the asset’s value for tax purposes is automatically increased to the property’s fair market value at the date of death and taxes are not owed on the change in value during the previous owner’s lifetime.

The $1.75 trillion Build Back Better Act includes universal preschool, affordable high quality child care, an expanded child tax credit, clean energy tax credits, Affordable Care Act premium tax credits and housing investments.

“I always tell folks that the only perfect bills are the ones that I’ve written,” Tester joked.

During the conference call, Tester said he was pleased that travel to Canada for fully vaccinated travelers will open on Nov. 8.

The senator said it’s essential for the economy to resume trade with Canada.

He disagreed with a reporter’s suggestion that the policy discriminates against unvaccinated individuals. Tester noted that hospitals are full and that health care workers are stressed.

“We really do need to get this virus under control,” Tester said. “The people who are dying are those who haven’t gotten the vaccine.”