Rate adjustment

(a) Increase in estate tax rates The table contained in section 2001(c) is amended to read as follows: If the amount with respect to which the tentative tax to be computed is: The tentative tax is: Not over $13,000,000 55 percent of such amount. Over $13,000,000 but not over $93,000,000 $7,150,000, plus 60 percent of the excess of such amount over $13,000,000. Over $93,000,000 $55,150,000, plus 65 percent of the excess of such amount over $93,000,000. (b) Reduction of basic exclusion amount Paragraph (3) of section 2010(c) is amended to read as follows: (3) Basic exclusion amount For purposes of this subsection, the basic exclusion amount is $3,500,000.. (c) Surtax on billion dollar estates Section 2001 is amended— (1) in subsection (b), by striking The tax and inserting Subject to subsection (h), the tax, and (2) by adding at the end the following new subsection: (h) Surtax on billion dollar estates (1) In general In the case of a taxable estate for which the applicable amount is in excess of $1,000,000,000, the tax determined under subsection (b) shall be increased by an amount equal to 10 percent of such applicable amount. (2) Applicable amount For purposes of this subsection, the applicable amount shall be equal to the sum of the amounts under subparagraphs (A) and (B) of paragraph (1) of subsection (b) for the taxable estate.. (d) Effective date The amendments made by this section shall apply to estates of decedents dying, and generation-skipping transfers and gifts made, after the date of the enactment of this Act.