S.1950 - Strengthen Social Security by Taxing Dynastic Wealth Act116th Congress (2019-2020)
|Sponsor:||Sen. Van Hollen, Chris [D-MD] (Introduced 06/25/2019)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 06/25/2019 Read twice and referred to the Committee on Finance. (All Actions)|
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Summary: S.1950 — 116th Congress (2019-2020)All Information (Except Text)
Introduced in Senate (06/25/2019)
Strengthen Social Security by Taxing Dynastic Wealth Act
This bill returns the taxation of estates and gifts to levels that were in effect in 2009. This increases the maximum rate for estates and gifts to 45% and modifies exemptions.
The bill also combines the existing Social Security trust funds into a single Social Security Trust Fund and provides for the deposit of increased estate and gift tax revenue into the consolidated trust fund.