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Groups like the Farm Bureau, National Association of Manufacturers, National Multifamily Housing Council, National Federation of Independent Business and other powerful stakeholders are opposing the change. NFIB is already putting small businesses out there to try to sway lawmakers, like Steve Ferree, a Portland, Ore.,plumbing business owner and constituent of Senate Finance Chairman Ron Wyden.

You have all these ups and downs as a business owner, and the payoff at the end, your exit strategy basically, is when you go to finally retire andpass it on, or sell it to somebody else, Ferree said at a recent NFIB panel discussion. And by having additional death taxes or capital gains you take away all that, where that payback finally comes, from all those years of reinvesting in your business.

NFIB has traditionally been a GOP-leaning group. Silicon Valley, which contributes plenty to Democratic campaigns, is concerned as well.

Under Bidens plan, startup founders who put in years of sweat equity before the big payoff would be rewarded with the same tax rates as those who didnt take such risks. Venture capitalists argue thats a recipe for less risk-taking, and therefore less innovation of the kind that led to lifesaving drugs like Modernas COVID-19 vaccine.

But in the pandemic era, the sweat equity argument may bewearing thin with otherwise sympathetic lawmakersasthe income gap widens betweenfront-line workers and wealthy investors cashing in stock market gains from the comforts of home.

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Democrats' constituents would bear the brunt of Biden's taxes - Roll Call