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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
Posted by coachcrisp
pensacola, fl
Member since Jun 2012
30603 posts
Posted on 6/13/21 at 12:12 pm to
The chance of getting that through are ZERO!
Posted by Powerman
Member since Jan 2004
162258 posts
Posted on 6/13/21 at 12:21 pm to
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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