Estate Tax Rate Reduction Act
Last action on May 13, 2021Read twice and referred to the Committee on Finance.
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Summary
The Estate Tax Rate Reduction Act (S. 1627) proposes to lower the maximum federal tax rate on estates, gifts, and generation-skipping transfers from 40% to 20%. This change would reduce the tax burden on the transfer of significant wealth and assets from deceased individuals to their heirs or beneficiaries. Additionally, the bill includes provisions to exempt the resulting reduction in federal revenue from certain "Pay-As-You-Go" (PAYGO) budget rules, which typically require new spending or tax cuts to be offset by other budget adjustments.
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