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re: Govts love to use private entities to collect taxes, remember with this "mileage" tax
Posted on 3/28/21 at 7:01 am to jclem11
Posted on 3/28/21 at 7:01 am to jclem11
quote:
Almost no one pays the Estate tax; the limit is $11 million and people get creative with valuations to avoid it. Good try at a gotcha though.
Trump doubled it with the new tax bill, it will go back to 5.49 million with Biden.
16 billion was owed in estate tax for 2020. That may seem like a gotcha to you, but thats the family farm sold off to pay the IRS for many families simply because someone died unexpectedly without a trust set up.
1
Posted on 3/28/21 at 7:54 am to trinidadtiger
quote:
16 billion was owed in estate tax for 2020. That may seem like a gotcha to you, but thats the family farm sold off to pay the IRS for many families simply because someone died unexpectedly without a trust set up.
It wasn't a gotcha; it was a fact.
Per the Tax Policy Center, About 4,100 estate tax returns will be filed for people who die in 2020, of which only about 1,900 will be taxable—less than 0.1 percent of the 2.8 million people expected to die in that year.
My claim that almost noone pays the Estate tax holds true.
LINK
Maybe you will be correct next time, m'dude.
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