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One of the Senate’s staunchest opponents of the estate tax has drafted an inheritance-tax reform proposal that would keep it intact in a much modified version, breaking GOP taboo against any plan that does not abolish the “death tax.”
Sen. Jon Kyl (R-Ariz.) has taken pains to keep his efforts secret, but his proposal would raise the estate tax exemption to $15 million for individuals and $30 million for couples and lower the tax rate on inherited assets above that level to 15 percent, the current rate on capital gains and dividends.
Currently, estates worth up to $1 million–double that for couples–are exempt from taxation.
