Bill > HR123

This bill makes permanent certain tax relief measures previously enacted, specifically by repealing provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) and the Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA) that reduced income tax rates on dividends and capital gains. Additionally, it permanently repeals the estate tax, gift tax, and generation-skipping transfer taxes, effectively reinstating the repeal of these taxes as if certain provisions from the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 had never been enacted. The estate tax is a tax on the transfer of a deceased person's assets, while gift tax applies to transfers made during a person's lifetime, and generation-skipping transfer tax targets wealth passed down through multiple generations.