Senator Shelby Proposes Repeal of Estate, Gift and GST Taxes, and Enactment of Flat Income Tax

S. 820, 112nd Cong., 1st Sess. (April 14, 2011), introduced by Senator Richard Shelby (R-Ala.), would, if enacted, repeal the estate, gift, and GST taxes, with respect to the estates of decedents dying, and gifts and generation-skipping transfers made, after December 31, 2011, and replace the present graduated income tax system with a flat tax.  We'll let you know if this proposal ever comes up for a vote.