While many do not think all of the “For the 99.5% Act introduced by Bernie Sanders plan on March 25, 2021 will become law, there is certainly concern over the gifting and estate tax portions which would seem to affect more than just the upper 1/2 percent of the US population. This is the first attempt at legislation following Joe Biden’s election that could lower the federal estate tax exemption. There are many changes and various dates when the changes would take place:
For those who die or make gifts after December 31, 2021.
- Reduce the U.S. federal estate tax exemption from over $23 Million to $3.5 million for U.S. citizens and U.S. domiciliaries;