When we die does the government take half of what we own?

Question

Is this the death or estate tax?

Or does the government tax half of what our chidren inherit from us?

Answer 1

No, they tax the value of the property that is inherited by those you leave it to. It's not exactly half, but it is heavily taxed.

Answer 2

No, thats propoganda being put forward by the republicans.

The estate tax is a tax on inheritances of greater than (i think it had been $1,000,000, but right now it is transitioning). It is not 50%, but I don't know the exact percent, it too is going through a lot of changes.

It was put in place to prevent there from becoming a noble class that passes its fortunes from one generation to the next.

EDIT - for your added details - The tax is on the estate itself.

Answer 3

This is GOP propaganda. The estate tax is for estates of like $5 million or more in value!!!!

the average estate tax paid by all farm and business estates in 2004 was just under 20 percent of the value of the estate, according to calculations by the Tax Policy Center

The effective rate was far less for smaller estates. Of the 440 taxable family farm and business estates in 2004, two out of five paid an average rate of only 1.6 percent. These were taxable estates valued at less than $2 million.Very large estates valued at over $20 million paid at an average effective rate of just over 22 percent

Answer 4

the estate tax or inheritance tax (called the death tax by opponets of it) is assessed against you at approximately 35 % to 49% (not including state tax) above a certain amount. I believe it is currently about 1,500,000 when it kicks in.

Answer 5

They are 2 things certain in life....Death and Taxes. The US Government thinks that when you die, you got no family members, so they play the "Spoiled Kid" who would contest the will and take almost everything. Thats the US Government..

Answer 6

No the government doesn't get half of what you own, you need to leave a will stating what you want to do, in my father's case in predisposed of his possessions to his children, and made himself living rights to everything until he died, and then we didn't have to pay anything because it was already in our name before he died.

Answer 7

yes they keep the money or taxes that you have pad into ssi

Answer 8

nope, we make a will before we die and write in it what we have to give to whom (our children etc)

Answer 9

atleast not in india unless and antil u dont have any one to takerespansibelity of it!

Answer 10

Only your relatives.