H.R. 4857: For the 99.8 Percent Act

116th Congress · introduced 2019-10-24 · Taxation · Latest: Referred to the House Committee on Ways and Means.

federal

Follow this bill, step by step

Where it came from: introduced 2019-10-24 · official record
Who proposed it: Rep. Gomez, Jimmy [D-CA-34] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: Referred to the House Committee on Ways and Means. Not final yet: this can still change. We check for updates every day.
If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

For the 99.8 Percent Act

Plain summary

For the 99.8 Percent Act This bill imposes increased tax rates on decedent estates, gifts, and generation-skipping transfers. Estates with a value of over $1 billion are taxed at a 77% tax rate. The basic exclusion amount is reduced to $3.5 million. The bill increases (1) to $3 million the reduction in valuations of farmland for estate tax purposes and adjusts such increased amount for inflation, and (2) to $2 million the maximum estate tax exclusion for contributions of conservation easements. The bill requires (1) consistent basis reporting for property acquired by gift and transfers in trust, and (2) executors of estates and donors of gifts required to file a gift tax return to disclose to the Department of the Treasury, and to recipients of any interest in an estate or a gift, information identifying the value of each interest received. The bill sets forth estate valuation rules for certain transfers of nonbusiness assets and limits estate tax discounts for certain individuals with minority interests in a business acquired from a decedent. The bill expands rules for valuing assets in grantor retained annuity trusts to require that (1) the right to receive fixed amounts from an annuity last for a term of not less than 10 years and not more than the life expectancy of the annuitant plus 10 years, and that such fixed amounts not decrease during the first 10 years of the annuity term, and (2) the remainder interest have a value when transferred that is not less than the the greater of 25% of the fair market value of the trust property or $500,000. The bill also sets forth rules for the application of transfer taxes to a grantor trust (a trust in which the grantor retains control over the trust assets and has the right to receive income from the trust). The bill eliminates the generation-skipping transfer tax exemption for any trust whose termination date is not greater than 50 years after its creation. The bill modifies the gift tax exclusion for annual gifts (currently, $14,000).

Congressional Research Service summary (Introduced in House), quoted unchanged (nonpartisan). Read the source.

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

For the 99.8 Percent Act

Source: Congressional Research Service summary (Introduced in House)

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The strongest published arguments

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Alternatives

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Rep. Gomez, Jimmy [D-CA-34] · 39 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

André Carson (D-IN), Judy Chu (D-CA), Steve Cohen (D-TN), Danny K. Davis (D-IL), Rosa L. DeLauro (D-CT), Mark DeSaulnier (D-CA), Adriano Espaillat (D-NY), Jesús G. "Chuy" García (D-IL), Al Green (D-TX), Eleanor Holmes Norton (D-DC), Pramila Jayapal (D-WA), Ro Khanna (D-CA), James P. McGovern (D-MA), Jerrold Nadler (D-NY), Alexandria Ocasio-Cortez (D-NY), Ilhan Omar (D-MN), Mark Pocan (D-WI), Ayanna Pressley (D-MA), Janice D. Schakowsky (D-IL), Mark Takano (D-CA), Paul Tonko (D-NY), Rashida Tlaib (D-MI), Nydia M. Velázquez (D-NY), Bonnie Watson Coleman (D-NJ), Ted Lieu (D-CA), Zoe Lofgren (D-CA)

Sponsor's campaign money: Rep. Gomez, Jimmy [D-CA-34] reported raising $1.3 million (2025–2026). Details. Shown for context only; it does not mean any donor supported this bill.

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Words on this page, explained (4)

Bill: A proposed law. It becomes law only if it passes the legislature and is signed by the president or governor (or a veto is overridden).
Estate tax: A tax on the property of a person who has died, paid from the estate before what is left passes to the heirs. Compare inheritance tax.
Exemption: A rule that removes certain people, property or activities from a tax or requirement.
Rulemaking: The process agencies use to write regulations that carry out laws passed by Congress or a legislature. Usually an agency publishes a proposed rule, takes public comments, then publishes a final rule.

Plain meanings written from linked sources. All words.

Sources

Congressional Research Service summary (Introduced in House)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-116hr4857.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/116/hr>

Record fed-us-cong116-hr4857 · catalog fed-us-congress-bills-cong116 · updated 2026-11-15 by psicol fed-bills-cong116