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Facts - Books - News    U.S. Facts Of Law:

Estate Tax

Estate tax is also known as the "death tax".  It is a regressive tax on the estate of a deceased person above a certain exempted amount.  Currently the exemption for the federal estate tax is two million dollars but in 2010 it will be suspended all together for one year.  It is scheduled to resurface in 2011 with an exemption of one million dollars.  Many States also impose an estate tax.

Financial assets payable or transferable upon death along with life insurance benefits, if the deceased owned the life insurance policy or if it was payable to the estate, are included in the total assets of the estate for tax purposes.  However, charitable contributions by the estate can be used to reduce the taxable amount of the estate.

The estate tax rate adjusts slightly year to year but hovers right around 50% on the taxable amount of an estate.  It is believed by sane people that this tax should be abolished.  It destroys small family businesses when the primary owner of the business dies.  For instance, a family owned business started and owned by ones father worth $5 million and earning a reasonable $400,000 yearly would create an estate tax burden of at least $1.5 million.  If the father owned other assets such as a $500,000 home, another $250,000 in estate taxes would be owed.  Few families in business for themselves are able to make a $1.5 million to $2 million dollar sudden payment without selling their father's business and, thus, putting themselves out of business.

Unfortunately, many in Congress cannot control their penchant for large spending bills and prefer to tax the heck out of Americans rather than reign in their spending appetite.


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GOP Tiptoes Toward Longheld Dream To Kill Estate Tax The Hill
The Hill GOP tiptoes toward long held dream to kill estate tax The Hill Repealing the estate tax is estimated to cost 279 billion over a decade, contributing to the cost of a GOP plan that could add 1.5 trillion to the federal debt. The benefits from ending the tax would also largely flow to the United States39 wealthiest Trump Tax Plan: What the Death of the Estate Tax Really Means for Average AmericansYahoo Finance Steven Mnuchin says estate tax repeal will help 39rich people39 mostPittsburgh Post Gazette The Finance 202: Trump39s tax package is shrinking before the fight has even begunWashington Post Baltimore Sun The Weekly Standard PBS NewsHour CNN all 142 news articles raquo

For The Cost Of Repealing The Estate Tax, Congress Could Buy Everyone In Amer...
Common Dreams For the Cost of Repealing the Estate Tax, Congress Could Buy Everyone in America a Pony Common Dreams In fact, the benefits Trump39s own adult children could get from his estate tax repeal would fund nearly 1.4 million poniesthat alone is enough to cover giving a pony to everyone in the state of Maine. Let39s break down the numbers. Shetland ponies

AposThe Super Rich Donapost Pay Estate Tax,apos Ted Cruz Says. IRS Says Other...
CNBC 39The super rich don39t pay estate tax,39 Ted Cruz says. IRS says otherwise CNBC Sen. Ted Cruz tells CNBC that killing the estate tax will mainly help the working class because quotthe super rich don39t pay it.quot While the wealthy do minimize their estate tax payments, mainly by giving to charity, the rich pay most of the estate tax and more raquo

MAKING CENTS: Estate Tax Is Alive And Thriving In Many States Middletown Tra...
Middletown Transcript MAKING CENTS: Estate tax is alive and thriving in many states Middletown Transcript When the Federal government raised the death tax threshold to more than 5 million, many people rejoiced and let the tax portion of their estate plan rest. According to the 2017 Market Insights Report by the Spectrem Group, there were over 9 million and more raquo

Donapost Buy Quotdouble Taxationquot Argument On Estate Tax: Opinion The New...
The News Journal Don39t buy quotdouble taxationquot argument on estate tax: Opinion The News Journal President Donald Trump39s tax plan would repeal the estate tax, so people who inherit their wealth would not have to pay any taxes at all. The people who are planning on inheriting are complaining that it is unfair for them to pay taxes, because their

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Facts of Law explaining what is the estate tax

Facts of Law - What Is Estate Tax