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re: Democrats plan on funding reparations by installing a Nationwide death-tax rate of 75% .
Posted on 6/13/21 at 12:12 pm to BarberitosDawg
Posted on 6/13/21 at 12:12 pm to BarberitosDawg
The chance of getting that through are ZERO!
Posted on 6/13/21 at 12:21 pm to coachcrisp
quote:
The chance of getting that through are ZERO!
Depends
When talking about estate or inheritance taxes the minimum threshold amount is pretty important
quote:
What Is the Estate Tax Rate?
On the federal level, the portion of the estate that surpasses that $11.70 million cutoff will be taxed at a rate of 40%, as of 2021. On a state level, the tax rate varies by state, but 20% is the maximum rate for an inheritance that can be charged by any state.
The rate is already 40% and no taxes are paid on the first 11.7 million (federally that is)
Moving the threshold to the left would likely have a much bigger impact than moving the rate up
Your parents would have to be pretty well off for you to receive more than 11.7 million when they die
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