The House bill repeals the estate tax, while the Senate bill keeps it in a weakened form. But Noem’s case is probably not a good example of how the estate tax works. Under current law, the estate tax kicks in when a person dies only if their estate is worth more than $5.49 million after deductions. “As that relates to the federal estate tax, the two-thirds that did not pass to the spouse, that would essentially constitute for federal estate tax purposes the taxable estate,” Donohue said. Very few estates are valuable enough to be subject to the estate tax today.
Source: Huffington Post December 07, 2017 13:31 UTC