Estate taxes are due when someone of significant net worth dies. There is a Federal Estate Tax system and some states, but not all, have their on State Estate Tax system. Federal estate tax rates are extremely high at 40% and the States are more of a marginal system varying from 8% to 16%. The Estate Tax system is often called the death tax, but only affects very few individuals in America.
The question I hear the most when I am teaching classes are, where do you think the Estate Taxes are going? I always respond, they aren't disappearing. Period. The current administration (along with the last one) is running through money like it was beer at a keg party! So is it likely that we are going to cut a tax that only affects the top 2 to 4% of the Country? NO WAY. Bills Proposed by Congress for the Estate Tax I cam across a great article on NACS Online titled, Deadline Looms on Estate Tax, which succinctly highlights the bills out there, H.R. [...]