summary
Introduced
06/25/2019
06/25/2019
In Committee
06/25/2019
06/25/2019
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
116th Congress
Bill Summary
A bill to amend the Internal Revenue Code of 1986 to return the estate, gift, and generation skipping transfer tax to 2009 levels, and for other purposes. This bill returns the taxation of estates and gifts to levels that were in effect in 2009. This increases the maximum rate for estates and gifts to 45% and modifies exemptions. The bill also combines the existing Social Security trust funds into a single Social Security Trust Fund and provides for the deposit of increased estate and gift tax revenue into the consolidated trust fund.
AI Summary
This bill returns the taxation of estates and gifts to levels that were in effect in 2009, increasing the maximum rate to 45% and modifying exemptions. It also combines the existing Social Security trust funds into a single Social Security Trust Fund and provides for the deposit of increased estate and gift tax revenue into the consolidated trust fund.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Read twice and referred to the Committee on Finance. (on 06/25/2019)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/116th-congress/senate-bill/1950/all-info |
| BillText | https://www.congress.gov/116/bills/s1950/BILLS-116s1950is.pdf |
| Bill | https://www.congress.gov/116/bills/s1950/BILLS-116s1950is.pdf.pdf |
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