Estate Tax US
About Estate Tax US
The US federal estate tax was enacted in 1916. The tax is levied on the transfer of property at death. The estate tax has always applied only to the largest estates. In 2024, only estates over 13.61 million per individual are taxable. The estate tax has been politically controversial. Critics call it the death tax and argue it punishes success and forces family businesses to be sold. Proponents argue it prevents the concentration of wealth across generations and raises significant revenue. The Tax Cuts and Jobs Act of 2017 doubled the exemption, reducing the number of taxable estates to approximately 1,900 per year. The exemption is set to revert to pre 2018 levels in 2026.
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