Search Results: keywords:"estate tax rate reduction act"

  • H. R. 601 — To amend the Internal Revenue Code of 1986 to reduce the rate of tax on estates, gifts, and generation-skipping transfers.
    Status:Introduced in House
    Words:744

    H. R. 601, titled the "Estate Tax Rate Reduction Act," seeks to amend the Internal Revenue Code of 1986 by lowering the tax rate to 20% on estates, gifts, and generation-skipping transfers. The bill modifies several sections of the tax code to align with this change, ensuring that the lower...

    Simple Explanation

    H. R. 601 is a bill that wants to make the taxes smaller for people who give money or things to others when they pass away. It would make the tax 20% for these gifts and changes for everyone starting in 2025.