Understanding How the 99.5% Act Affects You

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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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Post-Election Tax Strategies

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Now that tax season is wrapping up, we can all take a deep breath. With the pandemic looming over all of us in 2020, change has become the only thing we can consistently count on these days.

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