1. Short title This Act may be cited as the For the 99.8 Percent Act . 2. Modifications to estate, gift, and generation-skipping transfer taxes (a) Modification of rates Section 2001(c) of the Internal Revenue Code of 1986 is amended by striking the last 2 rows and inserting the following: Over $750,000 but not over $3,500,000 $248,300 plus 39 percent of the excess of such amount over $750,000.  Over $3,500,000 but not over $10,000,000 $1,320,800 plus 45 percent of the excess of such amount over $3,500,000.  Over $10,000,000 but not over $50,000,000 $4,245,800 plus 50 percent of the excess of such amount over $10,000,000.  Over $50,000,000 but not over $1,000,000,000 $24,245,800 plus 55 percent of the excess of such amount over $50,000,000. Over $1,000,000,000 $546,745,800 plus 77 percent of the excess of such amount over $1,000,000,000. . (b) Exclusion amount (1) Estate tax Paragraph (3) of section 2010(c) of the Internal Revenue Code of 1986 is amended to read as follows: (3) Basic exclusion amount For purposes of this section, the basic exclusion amount is $3,500,000. . (2) Modification to gift tax exclusion amount Paragraph (1) of section 2505(a) of the Internal Revenue Code of 1986 is amended to read as follows: (1) the applicable credit amount in effect under section 2010(c) for such calendar year (determined as if the basic exclusion amount in section 2010(c)(2)(A) were $1,000,000), reduced by . (3) Modifications of estate and gift taxes to reflect differences in credit resulting from different exclusion amounts (A) Estate tax adjustment Section 2001 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection: (h) Adjustment To reflect changes in exclusion amount (1) In general If, with respect to any gift to which subsection (b)(2) applies, the applicable exclusion amount in effect at the time of the decedent’s death is less than such amount in effect at the time such gift is made by the decedent, the amount of tax computed under subsection (b) shall be reduced by