Contact Congress about S. 1178: For the 99.5 Percent Act
Very wealthy families would pay more tax when passing on large estates, big gifts, or trust assets. The bill also limits several planning tools used to lower those taxes. Some family farms, family businesses, and conserved land would get larger special tax breaks.
Modern Action explains legislation in plain English, helps you choose whether to support, oppose, or ask for changes, and drafts a message tied to the bill, your stance, and the elected officials who can act on it.
For the 99.5 Percent Act is a Senate bill in Congress.
Who this affects: This bill mainly affects wealthy families with estates, gifts, trusts, or family-owned entities above the new limits. It also matters for family farms, closely held businesses, conservation landowners, estate planners, tax lawyers, and financial advisers. Most households below the estate and gift tax thresholds would likely see little direct change.
Why this matters: The bill matters because it would change how much tax very wealthy families pay when passing wealth to heirs. It could bring in more federal revenue and reduce some tax planning strategies. It could also raise costs for estates with valuable but hard-to-sell assets. The final impact would depend on family choices, trust changes, and future tax rules.
Key provisions in S. 1178
- Very large estates would face higher tax rates. The top rate would be 65% on taxable estates over $1 billion.
- People could pass less wealth tax-free. The estate tax exemption would fall to $3.5 million, and the lifetime gift tax exemption would be $1 million for transfers after December 31, 2023.
- Some farms and family businesses would get a larger special-use valuation break. The limit for qualifying real estate would rise from $750,000 to $3 million, with inflation updates starting in 2024.
- Conservation land could get a bigger estate tax break. The cap would rise from $500,000 to $2 million, and the maximum excluded share would rise from 40% to 60% of value.
- Some grantor trust assets would not get a step-up in tax basis at death. This applies when those assets are not already counted in the owner’s taxable estate.
How Modern Action helps you take action on S. 1178
You do not have to start with a blank letter. Modern Action turns the bill, your position, and the relevant congressional context into a message you can edit and send. The goal is to make contacting Congress clear, specific, and useful without forcing you to parse bill text or figure out the right office on your own.
Questions people ask about S. 1178
- What is S. 1178?
- Very wealthy families would pay more tax when passing on large estates, big gifts, or trust assets. The bill also limits several planning tools used to lower those taxes. Some family farms, family businesses, and conserved land would get larger special tax breaks.
- How do I support or oppose S. 1178?
- Choose support, oppose, or ask for changes on Modern Action. The action flow drafts the message for you and keeps the wording tied to this bill.
- Who should I contact about S. 1178?
- Modern Action uses your location to route the action to the congressional offices relevant to the bill and your representation.
- Can Modern Action explain S. 1178 before I act?
- Yes. Modern Action gives you a plain-English summary, current status, and action context before you send anything.
