I came across an article about taxes that caught my attention a couple of days ago.
The US Treasury has a daily report on government transactions and on Feb 28, 2023, there was a deposit of $7 billion under the “estate and gift” tax category.
This is the highest collection of estate & gift tax since 2005. Just take a look at the chart below:
It may be possible that there was more than one tax payment. A Treasury spokesperson say this is not a reporting error.
The data above will also show us how effective estate & gift taxes are: They don’t seem to collect much. The big tax overhaul in 2017 (2017 Tax Cuts and Jobs Act) reduces the potential amount people have to pay for estate taxes but the collection since has soared, likely due to excess deaths of elderly during the pandemic.
After being exposed to estate taxes laws in a few countries, I realize that death tax and gift tax goes hand...