CONGRESS FOR VOTERS

RepublicanBill · H.R. 601· House(119-HR-601)

Estate Tax Rate Reduction Act

Rep. Arrington
Age: 54 years
Texas
Introduced
1/22/2025
Last activity
1/22/2025 — Referred to the Committee on Ways and Means, and in addition to the Committee on the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Sponsored by
Jodey Arrington
Cosponsors
Republican - 2Democrat - 1
Taxation
  1. Introduced
  2. In Committee

What this bill would do

This bill, titled the "Estate Tax Rate Reduction Act," aims to amend the Internal Revenue Code of 1986. The primary goal is to reduce the rate of tax applied to estates, gifts, and generation-skipping transfers. Specifically, it proposes to set the rate of tax at 20 percent of the amount used to compute the tentative tax. The changes include several conforming amendments to various sections of the tax code. These adjustments are intended to take effect for estates of decedents dying, and for gifts or generation-skipping transfers made, after December 31, 2024.

Yes· 3 of 6

  • Would people with substantial wealth be better off under this?+8

    The bill directly reduces the tax burden on individuals with substantial wealth transferring estates or gifts.

  • Would billionaires be better off under this?+8

    The reduction in the estate tax rate provides significant savings for billionaires transferring large amounts of wealth.

  • Does this cut the tax on money left behind when someone dies?+8

    The bill reduces the tax rate on estates, gifts, and generation-skipping transfers to 20 percent.

The opposite

  • Does this reduce what the federal government spends?-3

    Reducing estate tax revenue may decrease the total amount of money available for government spending.