No Chance (yet) for Turning Back the Clock via New Estate Tax Bill

“The Sensible Estate Tax Act of 2014,” introduced by House Ways and Means Committee member Jim McDermott (D-Wash.), would reduce the estate tax exclusion amount to $1 million, raise the top estate and gift tax rate (and the sole GST tax rate) to 55% (on amounts over $10 million), and make numerous other changes in the estate, gift, and GST taxes.

This has not chance of passage, but reflects the continued efforts of progressive democrats to keep the discussion alive, in view of emerging issue of financial inequality in coming elections.

Posted in Status of Tax Legislation, WillPlan Blog.

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