To amend the Internal Revenue Code of 1986 to reduce estate and gift tax rates to 30 percent, to increase the exclusion equivalent of the unified credit to $10,000,000, and to increase the annual gift tax exclusion to $50,000.

1/16/2023, 11:18 PM

Congressional Summary of HR 543

Amends the Internal Revenue Code to: (1) reduce estate and gift tax rates to 30 percent; (2) increase the exclusion equivalent of the unified credit to $10,000,000; and (3) increase the annual gift tax exclusion to $50,000.

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Current Status of Bill HR 543

Bill HR 543 is currently in the status of Bill Introduced since February 8, 2001. Bill HR 543 was introduced during Congress 107 and was introduced to the House on February 8, 2001. Bill HR 543's most recent activity was See H.R.1836. as of August 13, 2001

Bipartisan Support of Bill HR 543

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill HR 543

Primary Policy Focus

Taxation

Potential Impact Areas

- Cost of living adjustments

- Economics and Public Finance

- Estate tax

- Gift tax

- Indexing (Economic policy)

- Tax credits

- Tax cuts

- Tax exclusion

- Tax rates

Alternate Title(s) of Bill HR 543

To amend the Internal Revenue Code of 1986 to reduce estate and gift tax rates to 30 percent, to increase the exclusion equivalent of the unified credit to $10,000,000, and to increase the annual gift tax exclusion to $50,000.