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Delaware and Hawaii allowed their taxes to expire after Congress repealed the credit for state estate taxes, but reenacted the taxes in 2010. Exemption amounts under the state estate taxes vary, ranging from the federal estate tax exemption amount or $5.34 million, indexed for inflation (two states) to $675,000 (New Jersey).
The federal estate tax exemption — also referred to as the estate tax exclusion — is $11.7 million per person as of 2021. A married couple can effectively leave behind $23.4 million combined ...
The alternative minimum tax (AMT) is a tax imposed by the United States federal government in addition to the regular income tax for certain individuals, estates, and trusts. As of tax year 2018, the AMT raises about $5.2 billion, or 0.4% of all federal income tax revenue, affecting 0.1% of taxpayers, mostly in the upper income ranges. [1] [2]
Estate tax is a tax assessed on the estate itself. Estates of individuals with assets greater than $13.61 million (in 2024) are subject to federal taxes on the amount over that threshold.
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Moreover, this was directly at the expense of state tax revenues and future federal tax revenues. [18] The primary beneficiaries were the wealthiest citizens, whom the estate tax was supposedly designed to target since only they had enough money to make large gifts freely. [19] This was the express intention. [20]
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