22. Department of the Treasury · Notable · Needs Congress
Cut the estate and gift tax rate to no higher than 20 percent
Printed page 697 22. Department of the Treasury
“The estate and gift tax should be reduced to no higher than 20 percent, and the 2017 tax bill's temporary increase in the exemption amount from $5.5 million to $12.9 million (adjusted for inflation) should be made permanent.”
What has happened
- Not started
Section 70106 of Public Law 119-21 was the estate and gift tax vehicle and it changed only the exemption, not the rate: the 40 percent top rate in section 2001(c) is untouched. The bills that would cut or repeal the rate — H.R. 601 (Estate Tax Rate Reduction Act) and H.R. 1301 / S. 587 (Death Tax Repeal Act) — were referred to committee and have not been voted on.
Research log
What was searched, and what didn’t count as evidence
Research notes
This Quote states two asks and the tracker splits them: the rate cut is this item, the permanent exemption increase is #1932, which Public Law 119-21 delivered. The two are leveled differently for that reason.
- Action
- restrict
- Object
- estate and gift tax rate
- ID
- 1931