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December 17, 2021 at 09:25 AM
Related: 10 Top Annuity Bills Introduced in 2021
While President Joe Biden’s $2 trillion tax and spending bill doesn’t touch the estate tax, the issue got a lot of lawmakers’ attention this year.
One notable estate tax bill, the For the 99.5% Act, introduced this year by Sen. Bernie Sanders, I-Vt., would restore the estate tax exemptions to the 2009 thresholds of $3.5 million per individual and $7 million per married couple from the current exemptions of $11.7 million and $23.4 million.
In a shift, Sanders’ bill would also subject larger estates to higher tax rates. The current 40% tax rate would be raised to 45%. Taxable estates greater than $10 million would be taxed at 50%, amounts greater than $50 million at 55%, and amounts greater than $1 billion would be taxed at 65%, according to the Joint Committee on Taxation.
See the gallery above for nine estate tax-related bills that were introduced in 2021.
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