Bill > S4196

This bill, titled the "Strengthen Social Security by Taxing Dynastic Wealth Act," proposes to reinstate estate, gift, and generation-skipping transfer tax rates and exclusion amounts to what they were in 2009, and to direct all revenue generated from these taxes to the Social Security Trust Fund. Specifically, it would adjust the tax rate schedules for estates and gifts, reduce the basic exclusion amount for estate tax to $3,500,000, and modify how the deceased spousal unused exclusion amount (DSUE), which allows a surviving spouse to use the unused portion of their deceased spouse's estate tax exclusion, is calculated, limiting it to $1,000,000. The bill also consolidates the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund into a single "Social Security Trust Fund" and mandates that all estate and gift tax revenue collected after December 31, 2026, be transferred to this consolidated fund, thereby strengthening Social Security.