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Amends section 2001 by replacing subsection (c) (the rate schedule) with a provision setting a single rate of tax of 20 percent for purposes of determining the tentative tax, and by modifying subsection (g)(1) to change the phrasing from 'rates of tax under subsection (c)' to 'rate of tax under subsection (c)'.
Amends 2056A(b)(2) by removing specified punctuation in subparagraph (B)(i) and subparagraph (C) as shown in the conforming amendments.
Amends 2107(a) by replacing the phrase 'the table contained in' with 'the rate of tax under'.
Amends 2201(a) by replacing the reference to 'the rate schedule set forth in section 2001(c)' with 'the rate of tax under section 2001(c)'.
Rewrites section 2641 to define 'applicable rate' as the product of (1) the rate imposed by section 2001 on the estates of decedents dying at the time of the taxable distribution, taxable termination, or direct skip, and (2) the inclusion ratio.
Amends 2801(a)(1) by replacing the phrase 'the highest rate of tax specified in the table contained in' with 'the rate of tax under'.
Amends 6601(j)(2)(A)(i) by striking a specified punctuation mark (a period) in the subparagraph.
This bill lowers federal taxes on estates, gifts, and generation-skipping transfers by replacing the current rate structure with a single 20% rate. It also updates related parts of the tax code to use this one rate across the board.
Key points:
Referred to the Committee on Ways and Means, and in addition to the Committee on the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Introduced January 22, 2025 by Jodey Cook Arrington · Last progress January 22, 2025
Referred to the Committee on Ways and Means, and in addition to the Committee on the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Introduced in House