Vote to adopt an amendment to HR 4853 to temporarily amend estate tax laws.
Lowers the applicable exclusion amount from $5 million to $3.5 million (Sec. 302).
Increases the maximum estate tax rate from 35 percent to 45 percent (Sec. 302):
Caps the amount of tax on any estate over $1.5 million at $555,880 plus 45 percent of the excess of such amount over $1.5 million.
Adjusts the inflation amount for a credit against the gift tax from a rate by which the Consumer Price Index of the previous calendar year exceeds the Consumer Price Index for 1992 to a rate by which the Consumer Price Index of the previous calendar year exceeds the Consumer Price Index for 2010 (Sec. 302).
Requires the amount adjusted to be rounded to the nearest $10,000.
Establishes the rate of tax imposed in the case of 1 or more gifts made in effect of the decedent's death, as well as any credit allowed against the tax (Sec. 302).