New Estate Tax Legislation Introduced by Rep. Linda Sanchez

U.S. Rep. Linda Sanchez has introduced new legislation to restore the estate tax. Her bill entitled the Responsible Estate Tax Act calls for a progressive tax rate starting at 45% and a $3.5 Million exemption. Included in her bill are the restrictions on GRATs that we’ve seen discussed as well as an additional tax on estates above $500 million. You can read her press release on the bill here: Legislation to Shift Tax Burden Back to Billionaires.

In other Federal Estate Tax news, Nancy J. Altman, who is the co-director of Social Security Works, testified before the House Ways and Means Committee on the need of Social Security.  During her testimony, she proposed reinstating the 2009 Federal Estate Tax rules and dedicating a portion of the proceeds to fund Social Security. Her testimony can be read here.