The Taxpayer Relief Act of 1997 called for a gradual increase in the estate exemption from $600,000 in 1997 to $1 million by 2006.
It went up in a series of steps to $3.5 M in 2009
It went to $5M IN 2011
Starting in 2018, the exemption level went from $5.45 million to $11.4 million for individuals ($22.8 million for married couples), and it's indexed for inflation.
In 2025 it would go back to $5M ($10M for married couples)
Biden economic plan wants to and bring the estate tax back to its "historical norm". According to several sources.
That would probably require a Democratic Senate.
They didn't describe what "historical Norm" was.
One article said it could go back to $5 M.
Hillary wanted it to go to $3.5M
Terms:
The Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA)
