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In the US, the inheritance taxes don't kick in until $15M ($30M for married couples). Even at 2 years old, a child can inherit more money than most people will
by Manuel_D 5mo ago
In the US, the inheritance taxes don't kick in until $15M ($30M for married couples). Even at 2 years old, a child can inherit more money than most people will make in their lifetime before a dime is paid to the IRS.
- technothrasher 5mo agoFederal inheritance taxes. There are also state inheritance taxes in many states. NY, for example, kicks in at ~$7M. MA kicks in at $2M.
- buellerbueller 5mo agopoor little multimillionaire :( my heart breaks for their 90th percentile wealth.
- ceejayoz 5mo ago> NY, for example, kicks in at ~$7M. Won't someone think of the children? The very wealthy children paying a 3% marginal tax rate on some of their multi-million dollar inheritance?
- steveBK123 5mo agoHonestly my experience with most of these kids is they are so innumerate they won't even notice the tax
- jandrewrogers 5mo agoEstate taxes kick in at much lower threshold in most States. Washington had to repeal their recently created 35% estate tax (for a combined 75% rate) due to overt capital flight to places like Idaho. The exemption in Washington is $3M. I don't care about estate and inheritance taxes much but many people do and it empirically drives behavior.