SENATE BILL: Responsible Estate Tax Act (At Final Vote)

[Devout Centrist]

I motion for a final vote

[Southern Senator North Carolina Yankee]

I motion for a final vote

Senators have 24 hours to object.

[Southern Senator North Carolina Yankee]

A final vote is now open on this legislation, Senators please vote Aye, Nay or Abstain.

[Devout Centrist]

Aye

[ON Progressive]

Aye

[Vern]

Aye

[Southern Senator North Carolina Yankee]

Nay

While I would consider raising the estate tax to cover the deficit, I would prefer to not go over 50% with it.

[Southern Senator North Carolina Yankee]

This ends tomorrow morning also.

[Comrade Funk]

Aye

[Southern Senator North Carolina Yankee]

Vote on Final Passage of the Responsible Estate Tax Act:

Aye (5): Comrade Funk, Devout Centrist, Ontario Progressive, Tack50 and Vern1988
Nay (1): NC Yankee
Abstain (0):

Didn't Vote (0):

This bill has been passed and is presented to the VP.

[Southern Senator North Carolina Yankee]

SENATE BILL
To strengthen the estate tax and provide a bulwark against an oligarchy

Be it enacted in both Houses of Congress

Section 1; Title
1. This act may be cited as the "Responsible Estate Tax Act "
Section 2; Substance
1. The minimum value of estate subject to the estate tax shall be $3.5 million.
2. The estate tax brackets shall be adjusted as follows;
a) 45% tax shall be paid for the value of an estate between $3.5 million and $10 million.
b) 50% tax shall be paid for the value of an estate between $10 million and $50 million.
c) 55% tax shall be paid for the value of an estate in excess of $50 million.
3. A 10% surtax shall be imposed on the value of estates above $500 million.
4. The rules regarding grantor retained annuity trusts shall be expanded by-
a) The right to receive fixed amounts from an annuity shall last for a term of not less than 10 years and that such fixed amounts not decrease during the first 10 years of the annuity term.
b) The remainder interest shall have a value greater than 10% when transferred.
5. The generation-skipping transfer tax exemption is eliminated for any grantor trust that whose termination date is 50 years or less in duration.
6. The basic estate tax exclusion shall amount to $3.5 million.
7. The reduction in valuations of farmland for estate tax purposes shall increase to $3 million.
a) This reduction shall be adjusted to inflation after 2020.
8. The maximum estate tax exclusion for contributions of conservation easements shall increase to $2 million.
9. The annual gift tax exclusion shall be adjusted to limit the aggregate annual amount of such exclusion to twice the current exclusion amount for certain types of transfers, these being
a) A transfer in trust.
b) A transfer of an interest in a pass through entity.
c) A transfer of an interest subject to a prohibition on sale
d) Any other transfer of property that cannot be immediately liquidated by the donee.
10. Executors of estates and donors of gifts shall be required to file a gift tax return to disclose to the Department of the Treasury, and to recipients of any interest in an estate or a gift, information identifying the value of each interest received.
11. Any establishment classified as a sole proprietorship or partnership shall have an estate tax exemption of $50 million and shall be subject to an estate tax of 20% above a fair market valuation of $50 million
12. Land used for farming or ranching shall have an estate tax exemption of $50 million and shall be subject to an estate tax of 20% above a fair market valuation of $50 million.
Section 3; Implementation
1. All changes in this legislation shall take effect in the first fiscal year following its passage into law.

People's Regional Senate
Passed 5-1 in the Atlasian Senate Assembled,