HR 1259

112th CONGRESS
1st Session

H. R. 1259

To amend the Internal Revenue Code of 1986 to repeal the estate and generation-skipping transfer taxes, and for other purposes.

IN THE HOUSE OF REPRESENTATIVES

March 30, 2011

Mr. BRADY of Texas (for himself, Mr. ROSS of Arkansas, Mrs. NOEM, Mr. BOREN, and Mr. NUNES) introduced the following bill; which was referred to the Committee on Ways and Means


A BILL

To amend the Internal Revenue Code of 1986 to repeal the estate and generation-skipping transfer taxes, and for other purposes.

SECTION 1. SHORT TITLE.

SEC. 2. REPEAL OF ESTATE AND GENERATION-SKIPPING TRANSFER TAXES.

`SEC. 2210. TERMINATION.

`SEC. 2664. TERMINATION.

SEC. 3. MODIFICATIONS OF GIFT TAX.

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`If the amount with respect to which the tentative tax to be computed is:                    The tentative tax is: 
                                                                Not over $10,000                             18% of such amount. 
                                               Over $10,000 but not over $20,000    $1,800, plus 20% of the excess over $10,000. 
                                               Over $20,000 but not over $40,000    $3,800, plus 22% of the excess over $20,000. 
                                               Over $40,000 but not over $60,000    $8,200, plus 24% of the excess over $40,000. 
                                               Over $60,000 but not over $80,000   $13,000, plus 26% of the excess over $60,000. 
                                              Over $80,000 but not over $100,000   $18,200, plus 28% of the excess over $80,000. 
                                             Over $100,000 but not over $150,000  $23,800, plus 30% of the excess over $100,000. 
                                             Over $150,000 but not over $250,000    $38,800, plus 32% of the excess of $150,000. 
                                             Over $250,000 but not over $500,000  $70,800, plus 34% of the excess over $250,000. 
                                                                   Over $500,000 $155,800, plus 35% of the excess of $500,000.'. 
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