Repeal of Estate Tax and Repeal of GST Tax Bill Introduced in Senate

The Death Tax Repeal Permanency Act was introduced in the Senate last month. The bill has 34 co-sponsors and is very similar to H.R. 1259, the Bipartisan Death Tax Repeal Permanency Act, which was introduced in the House of Representatives in March 2011 and would repeal both the federal estate tax and the federal generation-skipping transfer tax. It would also set a $5 million lifetime gift tax exemption and 35% gift tax rate.

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Repeal of Estate Tax and Repeal of GST Tax Bill Introduced in Senate