Lawmakers have introduced the Estate Tax Reduction Act, legislation that would reduce the estate tax by 20 percent— half of the current top rate of 40 percent.

The bipartisan and bicameral legislation was introduced by Senators Joni Ernst of Iowa, John Boozman and Tom Cotton, both of Arkansas, and Congressmen Jodey Arrington and Henry Cuellar, both of Texas.

Cotton says the legislation would cut the estate tax in half, bringing the rate in line with the current capital gains rate.

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