Bill > S1627

This bill, known as the Estate Tax Rate Reduction Act, seeks to amend the Internal Revenue Code of 1986 to lower the rate of tax on estates, gifts, and generation-skipping transfers. Specifically, it proposes to reduce the estate tax rate from the current highest rate to a flat rate of 20%. The bill also includes several conforming amendments to ensure consistency across the relevant tax code provisions. The changes would apply to estates of decedents dying, generation-skipping transfers, and gifts made after December 31, 2020. Additionally, the bill's budgetary effects would not be included on the PAYGO scorecards, meaning the costs associated with the reduced tax rate would not be factored into the government's pay-as-you-go budget rules.