See How Your Politicians Voted
Title: Amending the Estate Tax
Vote Smart's Synopsis:
Vote to adopt an amendment to HR 4853 to temporarily amend estate tax laws.
- Lowers the applicable exclusion amount from $5 million to $3.5 million (Sec. 302).
- Increases the maximum estate tax rate from 35 percent to 45 percent (Sec. 302):
- Caps the amount of tax on any estate over $1.5 million at $555,880 plus 45 percent of the excess of such amount over $1.5 million.
- Adjusts the inflation amount for a credit against the gift tax from a rate by which the Consumer Price Index of the previous calendar year exceeds the Consumer Price Index for 1992 to a rate by which the Consumer Price Index of the previous calendar year exceeds the Consumer Price Index for 2010 (Sec. 302).
- Requires the amount adjusted to be rounded to the nearest $10,000.
- Establishes the rate of tax imposed in the case of 1 or more gifts made in effect of the decedent's death, as well as any credit allowed against the tax (Sec. 302).