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H.R. 3170, The Capital Gains and Estate Tax Relief Act of 2007
- This item is from the 110th Congress (2007-2008) and is no longer current. Comments, voting, and wiki editing have been disabled, and the cost/savings estimate has been frozen.
Version saved on September 8, 2007, 18:24:02, by webmaster:
H.R. 3170 would make permanent the individual income tax rates for capital gains.
Detailed Summary
Capital Gains and Estate Tax Relief Act of 2007 - Makes permanent the reduction in capital gains tax rates (from 20 to 15%) enacted by the Jobs and Growth Tax Relief and Reconciliation Act of 2003.
Amends the Internal Revenue Code to: (1) restore the unified credit against gift tax liability; (2) provide for annual increases in the estate tax exclusion amount between 2010 and 2015 and establish a permanent exclusion amount of $5 million for 2015 and thereafter; (3) provide for an inflation adjustment to the estate tax exclusion amount after 2015; (4) reduce estate tax rate brackets; and (5) allow a surviving spouse to use the unused unified estate tax credit of a deceased spouse.
Status of the Legislation
Latest Major Action: 7/24/2007: Referred to House committee. Status: Referred to the House Committee on Ways and Means.
Points in Favor
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Points Against
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Visitor Comments
Bonnie Mester
August 19, 2007, 4:43pm (report abuse)Kudos to Hon. Rep. Harry Mitchell & Rep. Chris Shays on their bipartisan HR.3170. It gives me hope in the Congress that has been sorely lacking of late. They have a realistic view of the plight of Seniors facing inflated estates, medical & long-term insurance costs increasing faster than inflation. They seem to actually be in contact with their constituents and be listening to them. THANKS,THANKS, THANKS! KEEP UP THE FIGHT IN FALL 2007.
Joe Momma
January 1, 2008, 4:32am (report abuse)You're such an old hack, it scares me sometimes
IS BONIE DARE
August 19, 2008, 10:22pm (report abuse)WELLLLLLL
ISSSSSS BONNNNNNIE DTHERE?????