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What is the U.S. estate tax?
The American estate tax, the English Estate tax, is a tax levied when people pass away and transfer their property.
The American estate tax was introduced in 1916.When people die, if the total value of the legacy left behind is less than oneAllowance, Then the estate does not need to pay the US federal estate tax.
This U.S. estate tax exemption is updated every year. The following isThe Life Tank©️Compiled in the past 10 years, the US federal estate tax allowances and tax rates:
Historical data on US inheritance tax allowances (2011-2021)
| years | Inheritance tax allowance | Maximum inheritance tax rate |
| 2021 | $11,700,000 | 40% |
| 2020 | $11,580,000 | 40% |
| 2019 | $11,400,000 | 40% |
| 2018 | $11,180,000 | 40% |
| 2017 | $5,490,000 | 40% |
| 2016 | $5,450,000 | 40% |
| 2015 | $5,430,000 | 40% |
| 2014 | $5,340,000 | 40% |
| 2013 | $5,250,000 | 40% |
| 2012 | $5,120,000 | 35% |
| 2011 | $5,000,000 | 35% |
How many families pay the US estate tax?
According to a Bloomberg report, in 2020,There are 1,275 wealthy familiesPaid federal estate tax to the Internal Revenue Service (IRS),The tax amount is $93 billion.
U.S. estate tax, where does the tax-paying family live?
According to IRS data, of all families paying inheritance taxes, more than 20% live in California, 13% live in Florida, 9% live in New York, and 6% live in Texas State.
U.S. inheritance tax, 50% big landslide
In 2018, nearly 5,500 U.S. families paid U.S. federal estate taxes.The cumulative U.S. estate tax amount exceeds $200 billion.In 2020, the U.S. federal government collected only $93 billion in inheritance taxes, a drop of more than half.
After 2017, the Republican Party pushed for legislation to double the inheritance tax exemption. In the next few years, the US government's inheritance tax revenue has declined significantly.
At the same time, wealthy and wealthy people can, with the help of professional personnel, use many methods to circumvent the US inheritance tax and carry on tax-free wealth inheritance.
The Biden Administration’s U.S. Inheritance Tax: Is the thunder and the rain lighter?
In recent months, there has been a lot of noiseBiden Tax Reform(special report), the Democratic Party proposes to cut in half on the basis of the 2021 US inheritance tax exemption in advance.However, due to the involvement of multiple interests, partisan struggles and other complicated factors,As of November 2021, 11, the BBB Act proposed by Biden’s tax reform has cancelled these provisions.
(>>>Related reading:"Use it, or give up", American inheritance tax and wealth inheritance under the impact of Biden's tax reform)
Summary of U.S. Estate Tax Articles
In the past five years, the assets of wealthy American families have nearly doubled, while the number of families paying American inheritance taxes has shrunk by half during the same period.
The sunset clause in 2025, "lively"Biden Tax Reform, The discussion on the topic of inheritance tax seems to have attracted the attention of the public, but after carefully reading the data and fact statements in the article, I believe that every reader can draw his own conclusions.The Life Tank©️The community also looks forward to your letters and opinions sharing. (End of full text)
(>>>Recommended reading:Which U.S. states have inheritance taxes? (2021 version)）
