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- H.R.4857
H.R.4857: For the 99.8 Percent Act
About This Bill
- Introduced Oct. 24, 2019
- Latest Major Action Oct. 24, 2019
- See the four similar bills introduced in other congresses.
Bill Sponsor
Bill Cosponsors
39 (All Democrats)
Bill Version
- Introduced in House - Oct. 24, 2019
Bill Summary
For the 99.8 Percent Act This bill imposes increased tax rates on decedent estates, gifts, and generation-skipping transfers. Estates with a value of over $1 billion are taxed at a 77% tax rate. The basic exclusion amount is reduced to $3.5 million. The bill increases (1) to $3 million the reduction in valuations of farmland for estate tax purposes and adjusts such increased amount for inflation, and (2) to $2 million the maximum estate tax...
(Source: Library of Congress)
Bill Actions
Date | Description |
---|---|
Oct. 24, 2019 |
Referred to the House Committee on Ways and Means.
|
Oct. 24, 2019 |
Introduced in the House by Jimmy Gomez (D-Calif.) |