People forget that it was Rs who actually instituted estate taxes. Even in the 19th c people realized that estates just passed on billions of unearned monies to other generations. I notice that the Rockefellers, Kennedys, the Walmart heirs, and others still managed to inherit billions with estate taxes.
Estate taxes affect statistically zero people. Most f estate tax returns are filed to establish that the estate owes no taxes. About 5000 estate tax returns are filed for people who die in a given year, of which less than half will have even a dollar of tax liability—less than 0.1% of the people expected to die.
The Tax Cuts and Jobs Act doubled the exemption to $11.18 million in 2018 , but the increase in exempted income is scheduled to expire 2025, and will go back to around $6 million. Then less than 0.2% of estates will have any estate tax liability.
This is one of those questions that one can always find an objection to which is probably why nothing gets done. Estate taxes are probably sacrosanct.
People forget that it was Rs who actually instituted estate taxes. Even in the 19th c people realized that estates just passed on billions of unearned monies to other generations. I notice that the Rockefellers, Kennedys, the Walmart heirs, and others still managed to inherit billions with estate taxes.
Estate taxes affect statistically zero people. Most f estate tax returns are filed to establish that the estate owes no taxes. About 5000 estate tax returns are filed for people who die in a given year, of which less than half will have even a dollar of tax liability—less than 0.1% of the people expected to die.
The Tax Cuts and Jobs Act doubled the exemption to $11.18 million in 2018 , but the increase in exempted income is scheduled to expire 2025, and will go back to around $6 million. Then less than 0.2% of estates will have any estate tax liability.