Robert Torricelli: “I am proud to include my name as an original cosponsor of the Estate Tax Relief for the American Family Act of 1997…”

“I am proud to include my name as an original cosponsor of the Estate Tax Relief for the American Family Act of 1997, which was introduced today. This is a critical tax reform bill that will modernize our antiquated estate tax policy, provide significantly improved economic security for family businesses, promote efficient and pro-growth economic policy and ensure sound financial practices for millions of American working families. This legislation gradually increases over 6 years the estate and gift tax exemption from the current limit of $600,000 to $1 million. The graduated time schedule would increase the exemption by $100,000 in each of the first 2 years following enactment and $50,000 in each of the next 4 years. For families with their own small business, the bill would provide a new small business exemption of $1.5 million of business-related assets above the first $1 million in an estate as well as 50 percent of the next $8.5 million of such assets. This proposal would provide new safeguards for family business solvency that is not currently provided under current law. These changes are desperately needed as our current estate tax policy has not been upgraded in a decade.”