
For the 99.5% Act
On March 25th, Senator Bernie Sanders introduced legislation in the Senate titled “For the 99.5% Act”, representing the first piece of legislation this year to propose lowering the estate tax exemption along with other key proposals since President Biden took office. On Monday, Senator Chris Van Hollen introduced a bill that would tax gain on capital assets at death and many gifts. While these pieces of legislation are only proposed and would have to follow typical protocols prior to being voted on and enacted, we thought it was important to provide bullet points on the key provisions of the bills as they relate to estate planning.