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Politics : American Presidential Politics and foreign affairs
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To: ManyMoose who wrote (9270)6/10/2006 2:47:17 PM
From: Jim S  Read Replies (4) of 71588
 
The current Inheritance Tax only affects the wealthiest 30% or so. It doesn't kick in until estate assets (capital plus life insurance, minus debts and some deductions) exceed (I believe) $1.1 million. If your inheritance is less than 1.1 mil from each parent or person, the 'death tax' doesn't affect you. That is, each person who dies is only affected to the extent their assets exceed the 1.1 mil number. And, the taxes that are paid are paid from the estate, not by the beneficiaries.
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