To amend the Internal Revenue Code of 1986 to increase the unified credit against the estate and gift tax and to simplify the estate and gift tax rates.

Summary

This bill amends the Internal Revenue Code, with respect to the estate and gift tax, to: (1) increase the basic exclusion amount from $5 million to $50 million; (2) modify the required inflation adjustment for the basic exclusion amount; and (3) replace the existing rate schedule, which ranges from 18% to 40% depending on the amount of the estate or gift, with a single 20% rate.

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3 official files

• Introduced in House (text)

  Introduced in House · EN · 28 September 2017

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• Introduced in House (PDF)

  Introduced in House · EN · 28 September 2017

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• Introduced in House

  summary · EN · 28 September 2017

  Open at official source

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