How do the estate, gift, and generation-skipping transfer taxes work? Q.How do the estate, gift, and generation-skipping transfer taxes work? A.The federal estate tax applies to the transfer of property at death. The gift tax applies to transfers made while a person is living. The generation-skipping transfer tax is an additional tax on a transfer of property that skips a generation. Read more about How do the estate, gift, and generation-skipping transfer taxes work?
What is the Fair Tax? Q.What is the Fair Tax? A.The Fair Tax Act of 2023 (HR 25) would replace the federal individual income tax, corporate income tax, payroll taxes, and the estate and gift tax with a national retail sales tax. Read more about What is the Fair Tax?
Who pays the estate tax? Q.Who pays the estate tax? A.The top 10 percent of income earners pays more than 90 percent of the tax, with nearly 40 percent paid by the richest 0.1 percent. Few farms or family businesses pay the tax. Read more about Who pays the estate tax?