H.R. 7993, also known as the “Estate Tax Rate Reduction Act,” seeks to amend the Internal Revenue Code of 1986 to lower the tax rate on estates, gifts, and generation-skipping transfers to 20%. The bill proposes changes to several sections of the Code to ensure consistency...
Simple Explanation
H.R. 7993 wants to make it cheaper to pass money or things to other people when someone dies or gives gifts by lowering the tax to 20%, starting from the end of 2022. This bill also says these changes won't appear on some official money records.