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The Urban-Brookings Tax Policy Center estimated that only about 4,100 estate tax returns were filed, of which only 1,900 were taxable. Estate tax liability totaled $16 billion after credits in 2020.
That works out to about $8.4 M per taxable return. Biden proposal would increase that potentially past 60% tax rate and with state rates past 80%. You do realize even if taxed estates at 100%, you would get barely 1% of total revenue - it is not a big tax source. It is more of a "got you" that requires people to sell farms and businesses to big corporations to pay the tax - it is a wealth transfer but not the way most think with the assets getting bought out by big corporations.
Actually, they did allow you to transfer it back to your IRA if you had already made your RMD. We called Fidelity and they did this for my husband who was already taking his RMD.
The CARES Act allowed for a brief window to return an RMD taken before passage.....Augustg 31, I believe.
Any new legislation covering RMD's may not be so accommodating.
The first paragraph in the linked article leaves me scratching my head. An estimated 21 Million people are expected to die in a specified year, yet these 21 Million deaths will result in only 4,100 Estates? Why? A person who does dead broke leaves an estate, an insolvent estate, but still an estate. Is the author using both National and Local values interchangeably?
Not everyone leaves an estate. My parents both passed (5 weeks apart) and left no estate. They had put everything in the kids names. No estate. No probate.
Hard to tell. They have more time to convert to Roth. It would certainly do us a favor regarding health insurance
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