Sens. Blanche Lincoln, D-Ark., and Jon Kyl, R-Ariz., have introduced a proposal to reform the federal estate tax, which temporarily expired this year but is slated to increase to up to 55 percent next year for estates over $1 million.

Lincoln and Kyl’s proposal would require the Senate Finance Committee to amend H.R. 5297, the Small Business Lending Bill, to permanently set the estate tax rate at 35%, with a $5 million exemption amount phased in over 10 years and indexed for inflation. It would also provide a “stepped-up basis” for inherited assets.

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