Under the Act, estates would be taxed at a rate structure starting at:
- 45% for estates valued between $3.5 million and $10 million,
- 50% for those estates valued between 10% million and $50 million,
- An increased rate of 55% (instead of the current 40%) for estates valued between $50 million and $1 billion
….while estates worth over $1billion would be taxed at the highest rate of 77%.
According to a statement released by Rep. Jimmy Gomez (D-Calif), the purpose of the act is to “…take a progressive step forward in addressing our country’s rapidly increasing wealth inequality by strengthening the estate tax and ensuring the wealthiest among us pay their fair share”.
What does this mean for your client? This only means that time is of the essence, and your client must act now. While it is not our job to comment on various political beliefs, it is our job to ensure that our clients and their heirs receive everything that they have worked so hard for.