Senator Sanders' 2021 Tax Proposal

Independent Senator from Vermont Mr. Sanders has submitted his tax proposal for this year to the United State Senate. His proposal includes: increasing the estate and gift tax rate at $500,000.00 to 45 % and the maximum rate to 65%; lowering the estate and gift tax life time exemption to $3,500,00.00 from the current $ 11,700,000.00.

Disallowing the step up in basis for certain grantor trusts.

Limiting the minority discounts of “nonbusiness” assets.

Requiring a minimum 10 year term for GRATs.

Elimination of Generation-skipping transfer tax exemption for certain trusts.

Reducing the annual exclusion amount and capping the total on an annual amount.

Please find the proposal here:

99.5-Act Mr. Sanders.pdf

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