S.309: For the 99.8 Percent Act
The For the 99.8 Percent Act (S. 309) would dramatically restructure the estate tax to reverse the erosion of the tax base that has taken place over the past 20 years. The bill would reduce the estate tax exemption threshold from 11.4 million to 3.5 million (where it was in 2009). It would then add additional brackets to make the tax more progressive:
o 45 percent on the value of an estate between $3.5 million and $10 million.
o 50 percent for the value of an estate between $10 million and $50 million.
o 55 percent for the value of an estate in excess of $50 million.
o 77 percent for the value of an estate in excess of $1 billion.
The bill would also close loopholes in the estate tax such as valuation discounts, and protect farm-land by increasing the maximum exclusion for conservation easements to $2 million.
H.R. 4857 is the House companion bill.View Full Overview