Repealing Federal Estate and Generation-Skipping Transfer Taxes
This bill repeals the federal Estate Tax and the Generation-Skipping Transfer Tax (GSTT) for estates of decedents dying on or after the date of enactment. The legislation also modifies the Gift Tax by introducing a new rate schedule (with a top rate of 35% over $500,000) and setting a lifetime exemption amount of $10 million, adjusted for inflation.
Key points
Repeal of the federal Estate Tax for decedents dying on or after the date of enactment.
Repeal of the Generation-Skipping Transfer Tax (GSTT) for transfers on or after the date of enactment.
Modification of the Gift Tax: Introduction of a new rate schedule (ranging from 18% to 35%) and setting the exemption amount at $10 million (adjusted for inflation).
Status:
Expired
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