Repeal of Federal Estate and Generation-Skipping Transfer Taxes
This legislation completely eliminates the federal Estate Tax and the Generation-Skipping Transfer (GST) Tax for individuals dying after the law's enactment. Consequently, inherited estates will no longer be subject to these specific federal levies. The bill also modifies the rules for the Gift Tax, introducing a new rate schedule and setting the lifetime exemption amount at $10 million, subject to inflation adjustment.
Key points
Complete repeal of the federal Estate Tax for individuals dying after the law's enactment.
Elimination of the federal Generation-Skipping Transfer Tax (GST Tax).
Modification of the Gift Tax calculation, setting the exemption amount at $10 million (indexed for inflation).
Status:
Introduced
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