The Fair Trusts for Fiscal Responsibility Act imposes a tax on the assets of trusts.

The Fair Trusts for Fiscal Responsibility Act amends the Internal Revenue Code to impose a tax on the net value of all assets of an applicable trust held on the last day of any calendar year. The tax is calculated based on different bracket thresholds and rates. Beneficiaries of applicable trusts must submit statements to the Secretary detailing the unused bracket amounts allocated to each trust. The bill also includes provisions for the establishment of a trust withholding credit account and rules for determining the value of assets.

The Fair Trusts for Fiscal Responsibility Act imposes a tax on the assets of trusts.

The Fair Trusts for Fiscal Responsibility Act amends the Internal Revenue Code to impose a tax on the net value of all assets of an applicable trust held on the last day of any calendar year. The tax is calculated based on different bracket thresholds and rates. Beneficiaries of applicable trusts must submit statements to the Secretary detailing the unused bracket amounts allocated to each trust. The bill also includes provisions for the establishment of a trust withholding credit account and rules for determining the value of assets.