Understanding How the 99.5% Act Affects You

dollar bill zoomed in

On March 25, 2021, Senator Bernie Sanders and Senator Sheldon Whitehouse introduced the “For the 99.5 Percent Act” (referred to in this blog as the “99.5% Act”), a piece of legislation that would change federal estate and gift taxes. Here are the highlights you need to know:

  • Reduces the federal estate tax exemption from $11.7 million to $3.5 million
  • Reduces the gift tax exemption from $11.7 million to $1 million
  • Tax rates increase for gift, estate, and generation-skipping tax (GST) at a progressive rate

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