For the 99.5 Percent Act

This bill would significantly increase estate taxes by reducing the basic exclusion amount from $11.7 million to $3.5 million. It would increase tax rates for large estates, with rates rising to 65% for estates over $1 billion. The bill includes provisions to limit discounts for family-controlled businesses and requires a minimum 10-year term for certain trusts. It also eliminates generation-skipping transfer tax exemptions for certain transfers and modifies rules for farm property and conservation easements.