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Only 0.002% of estates pay the tax every year. The best way to avoid paying the tax is to reduce the wealth of an estate by transferring it to insurance or sepa
by athms 6y ago
Only 0.002% of estates pay the tax every year. The best way to avoid paying the tax is to reduce the wealth of an estate by transferring it to insurance or separate entities like a foundation, limited liability company, family limited partnership, or charitable trust. Most wealthy people start estate planning long before retirement. The ones that end up paying are folks like Prince or the newly wealthy that die young.
- sokoloff 6y ago> Only 0.002% of estates pay the tax every year. That is wrong by a factor of ~100. 0.2% of estates in 2017 paid an estate tax. [0] [0] - https://www.cbpp.org/research/federal-tax/ten-facts-you-should-know-about-the-federal-estate-tax https://www.cbpp.org/research/federal-tax/ten-facts-you-shou...
- charlesu 6y agoAll loopholes that can be legislated away with enough political will.
- sokoloff 6y agoWhat's the likelihood that the multi-millionaires in the Legislature actually want to tackle this? https://ballotpedia.org/Net_worth_of_United_States_Senators_and_Representatives https://ballotpedia.org/Net_worth_of_United_States_Senators_... (That was for 2011; it's a reasonably safe bet that as a group they're no poorer now.)
- webmaven 6y ago> All loopholes that can be legislated away with enough political will. It was political will that created the loopholes in the first place. Getting rid of them unfortunately requires more political will than creating them did. This probably has something to do with loss-aversion.