Bill would raise estate tax exemption.(American Family Tax Relief Act)

National Underwriter Life & Health-Financial Services Edition, January, 1997 by Brostoff, Steven

Senate Republicans have introduced the American Family Tax Relief Act, which would increase the estate tax exemption, allow a per child tax credit, cut capital gains and change limits for individual retirement account contributions. Changes to the estate tax rules under the act include rasing the untaxed amount of an estate to $1 million, and extending the time given to pay estate taxes.

WASHINGTON--The estate tax exemption would be substantially increased and individual retirement accounts expanded under a tax relief bill introduced last week by the Senate Republican leadership.

"The American Family Tax Relief Act is a strong first step toward restoring a sense of economic equilibrium to our families," said Senate Finance Committee Chairman William V. Roth...