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estate tax |
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estate tax n. generally a federal tax on the transfer of a dead person's assets to his heirs and beneficiaries. Although a transfer tax, it is based on the amount in the decedent's estate (including distribution from a trust at the death), and can include insurance proceeds. Currently such federal taxation applies to the amount of an estate above $600,000, or as much as double that amount if the estate is distributed to a wife. Some states have an estate tax, more commonly called an inheritance tax. |
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I need to die in 2010 because there will be no inheritance tax (that year) and my kids will be able to carry on. But instead what captivated the Japanese media was the inheritance tax that his heirs had to pay. As Joseph Stiglitz, chairman of President Clinton's Council of Economic Advisers, has concluded: "Of course, prohibitively high inheritance tax rates generate no revenue; they simply force the individual to consume his income during his lifetime. |
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inheritance tax
