S. 587 aims to eliminate the estate and generation-skipping transfer taxes by amending the Internal Revenue Code of 1986. This bill, known as the "Death Tax Repeal Act of 2025," would prevent these taxes from applying to estates and transfers occurring after its enactment. It...
Simple Explanation
The bill wants to stop certain taxes when someone passes away and leaves money to others. It also changes how money given as gifts is taxed, making it easier for people to give away money without paying extra taxes.