29 March 2021
In addition to the Corporate Tax Dodging Prevention Act, the "For the 99.5% Act" was also introduced, which would establish a new progressive estate tax rate structure on the top 0.5% of Americans who inherit over USD 3.5 million in wealth. This bill also includes measures ending tax breaks for dynasty trusts, closing other loopholes in the estate and gift tax, and providing protections for family farmers by allowing them to lower the value of their farmland by up to USD 3 million for estate tax purposes.
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