Makes sense, in that context. If someone worked minimum wage for their entire life and somehow saved every penny, then they could leave it all to their heirs without getting hit by this 100% estate tax.
Is that per inheritor or per estate?
Per estate. The estate pays estate taxes. Inheritors (usually) don’t have to pay any taxes on what they inherit. (Though they may have to pay income tax on it in certain specific situations, and some states impose an inheritance tax on inheritors that’s separate from estate tax.)
That’s, what, 66 years of salary at minimum wage? Is that per inheritor or per estate? (I don’t know how estate tax works)
Makes sense, in that context. If someone worked minimum wage for their entire life and somehow saved every penny, then they could leave it all to their heirs without getting hit by this 100% estate tax.
Per estate. The estate pays estate taxes. Inheritors (usually) don’t have to pay any taxes on what they inherit. (Though they may have to pay income tax on it in certain specific situations, and some states impose an inheritance tax on inheritors that’s separate from estate tax.)