The American Institute of Certified Public Accountants (AICPA) has provided Congress with suggested reforms for the estate and gift tax system. Some of these suggestions include:1) keeping permanent the technical modifications to the GSTT rules, 2) maintain an applicable exclusion that is indexed for inflation, 3) maintain a uniform exclusion amount for estate, gift and generation-skipping transfer tax purposes, 4) maintain portability, 5) reinstate the full state estate or death tax credit, and 6) provide several tax brackets to avoid "cliff" taxation.
See "AICPA Recommends Reforms of Estate and Gift Tax System," 2011 TNT 228-19 (Nov. 18, 2011).
Posted by Andrew Hodes, Associate Editor, Wealth Strategies Journal.
Link to AICPA page containing suggested reforms is as follows: http://www.aicpa.org/interestareas/tax/resources/trustestateandgift/advocacy/pages/estatetaxreformlettersandstudies.aspx
Lew Saret