What is a wealth tax? Q.What is a wealth tax? A.A wealth tax is imposed on the value of some or all of a taxpayer’s assets, such as stocks, real estate, and businesses. At the federal level, the United States does not have a wealth tax, and many other countries have repealed wealth taxes because of administrative challenges. Read more about What is a wealth tax?
What are the options for taxing wealth transfers? Q.What are the options for taxing wealth transfers? A.There are three options: an estate and gift tax (like the current US federal system), an inclusion tax, or an accessions tax. Read more about What are the options for taxing wealth transfers?
Who pays the estate tax? Q.Who pays the estate tax? A.The top 10 percent of income earners pays more than 90 percent of the tax, with nearly 40 percent paid by the richest 0.1 percent. Few farms or family businesses pay the tax. Read more about Who pays the estate tax?