HR 4857

The "For the 99.8 Percent Act" significantly increases taxes on large estates, gifts, and generation-skipping transfers. It raises the top estate tax rate to 77% for estates over $1 billion, reduces the basic estate tax exclusion to $3.5 million, and increases the reduction in valuations for farmland and conservation easements. The bill also mandates consistent basis reporting for gifts and trusts, establishes stricter estate valuation rules, expands rules for grantor retained annuity trusts, and modifies gift tax rules to account for changes in exclusion amounts. Furthermore, it eliminates the generation-skipping transfer tax exemption for trusts with termination dates exceeding 50 years and adjusts the annual gift tax exclusion.