Heidi Heitkamp was once a Democratic senator in a Republican state, and thus is forever labeled a paragon of sensible moderation and political divination. The one-termer from North Dakota who left office in 2019 has gone on to serve as an oft-appearing CNBC commentator and a fellow at the University of Chicago’s Institute of Politics teaching a seminar on bipartisanship. She was considered as a possible secretary of agriculture for Joe Biden before the position was given to Tom Vilsack.
After being passed over for a Biden administration job, Heitkamp is trying to undermine the president’s agenda. As congressional Democrats look to establish a more equitable tax system to pay for spending priorities and overhaul some of the legacy of the Trump tax cuts, she’s spearheading a new effort to fight against a proposed change: the elimination of step-up in basis, which currently wipes out capital gains tax obligations on inherited investments. It’s just one proposal among many to shut down loopholes that inordinately benefit the very wealthy, but it’s an important one that could generate hundreds of billions of dollars in revenue over the next decade.
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