Quote (Scaly @ Oct 21 2017 09:43pm)
Might have been state inheritance tax, which is not covered by Trump's tax plan because it's state not federal, but even then the lowest amount you would pay anything on is $675,000 if you live in New Jersey. If you get even half of that 675k you're not poor.
Whatever you paid was something else mate.
Sad that I have to school you on this shit. You're the American. I'm just a Brit who knows how to read.
You mean Google. I knew I had paid inheritance tax...just figured that was yet another term for Estate tax , death tax ...etc.
/e Nice find...but we still won in 1776.
/ee
Quote
History
Taxes which apply to estates or to inheritance in the United States trace back to the 18th century. According to the IRS, a temporary stamp tax in 1797 applied a tax of varying size depending on the size of the bequest, ranging from 25 cents for a bequest between $50–$100, to 1 dollar for each $500. The tax was repealed in 1802. In the 19th century, the Revenue Act of 1862 and the War Revenue Act of 1898 also imposed rates, but were each repealed shortly thereafter. The modern estate tax was enacted in 1916.[42][43]
The modern estate tax was temporarily phased out and repealed by tax legislation in 2001. This legislation gradually dropped the rates until they were eliminated in 2010. However, the law did not make these changes permanent and the estate tax returned in 2011.[44]
"But late in 2010, before that clause took effect, Congress passed superseding legislation that imposed a 35 percent tax in 2011 and 2012 on estate in excess of $5 million. Like the 2001 legislation, the 2010 legislation had a sunset clause so that in 2013 the estate tax would return to its 2001 level. But then on New Year's Day 2013, Congress made permanent an estate tax on estates in excess of $5 million at a rate of 40 percent."[4
But as you can see it changed a lot.
This post was edited by Ghot on Oct 21 2017 07:53pm
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