Washington, D.C. – U.S. Senator Jon Kyl (R-AZ) today introduced the Estate Tax Rate Reduction Act (S.3638), legislation that would reduce the estate tax to 20%, and released the following statement:
“The Estate Tax Rate Reduction Act would lower the estate tax rate to 20%, equal to the capital gains tax, making the tax code simpler and easing the tax burden on families who have lost loved ones. I have long-championed efforts to eliminate and lower the impact of the estate tax in order to help protect families, small business owners and farmers who are too often forced to make difficult decisions, such as selling the family business or terminating employees, due to the current 40% estate tax rate. The 2017 tax reform legislation was a step in the right direction, but while raising the lifetime exemption of the estate tax helps many families and the employees of their businesses, it does not apply to all families. A lowered and simplified estate tax would ensure fairness across the board.”
See the full text of the bill here.