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?
How many people pay the estate tax? Q.How many people pay the estate tax? A.About 4,000 estate tax returns will be filed for people who die in 2018, of which only about 1,900 will be taxable—less than 0.1 percent of the 2.7 million people expected to die in that year. Read more about How many people pay the estate tax?
How should wealth be taxed? Q.How should wealth be taxed? A.There are three options: an estate and gift tax (like the current US federal system), an inclusion tax, or an accessions tax. Read more about How should wealth be taxed?
