A bill to amend the Internal Revenue Code of 1986 to reduce estate taxes by providing a 20 percent rate of tax on estates exceeding $1,000,000, and a 30 percent rate of tax on estates exceeding $10,000,000, and for other purposes.
Estate Tax Reduction Act of 1997 - Amends the Internal Revenue Code to reduce the rate of the estate tax to the following: (1) 20 percent on estates not over $10 million; and (2) $2 million, plus 30 percent of the excess over $10 million on estates over $10 million.
Increases the unified credit against the estate tax and the gift tax.
Introduced in Senate
Sponsor introductory remarks on measure. (CR S3683-3684)
Read twice and referred to the Committee on Finance.
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