Democrats on the Ways and Means Committee are supporting H.R. 4996, the “Sensible Estate Tax Act of 2016,” introduced by ranking minority member Sander M. Levin (D-Mich). Key elements of the bill include:
- reducing the federal estate tax exempt amount to $3.5 million;
- chopping the federal gift tax lifetime exemption to $1 million;
- capping the Deceased Spouse’s Unused Exemption at $1 million;
- boosting the estate tax rate to 45%.
The bill isn’t expected to get much traction this year, but could be a preview of coming attractions should the Congress change hands next year.
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