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Yes, and under current law that is set to go down to $1,000,000 in less than three months. It is not a tax on the "one percent".
by jboggan 14y ago
Yes, and under current law that is set to go down to $1,000,000 in less than three months. It is not a tax on the "one percent".
- eli_gottlieb 14y ago$1,000,00 net worth for an individual is, in fact, the bottom border of the top 1%.
- dmm 14y agoIn 2010 the IRS received 142 823 000 individual tax returns. An estimated 52 500 returns will pay estate taxes in 2013. (52000 / 142823000) * 100 ~= 0.036 You're right. It's not a tax on the "one percent", it's a tax on the "one-third of one-percent" http://www.census.gov/compendia/statab/cats/federal_govt_finances_employment/federal_individual_income_tax_returns.html http://www.census.gov/compendia/statab/cats/federal_govt_fin... http://www.taxpolicycenter.org/briefing-book/key-elements/estate/how-many.cfm http://www.taxpolicycenter.org/briefing-book/key-elements/es...
- qdog 14y agoNo, it's a tax on the 0.97769%. http://www.advisorone.com/2012/06/20/top-10-countries-with-most-millionaires-capgemini?page=11 http://www.advisorone.com/2012/06/20/top-10-countries-with-m... I believe the tax only effects the money over $1,000,000, you can also gift $14k/year tax free to each individual. I would expect that you really would need to have something along the lines of 1.5million in hard assets to even have to do much in the lines of tax planning, and using irrevocable trusts I'm fairly certain you can avoid taxes to a much higher number than that.