Estate Tax Rates - How They Have Influenced Us

Estate tax rates are one of those seemingly whimsical forms of taxation levied against people who rightfully earned their wealth. Also known as inheritance tax, it is often cited by critics as an example of burdensome case of wealth redistribution, Streamyx Combo of double taxation. If in the course of our lives we worked hard enough to amass money that we can pass on to our heirs and loved ones so they can live their lives in comfort; we naturally would like to make sure that our descendants get all that we labored so hard for. Normally, we resent any share sliced from our wealth by people and the governments who were not even instrumental and who have only looked at us during those times when we were so painfully crawling the ladder of success. And now that success is here at last, everyone seems to find all sorts of justifications to obtain a piece of the pie. But knowing the weight of legal arguments that could be hurled at us if we insist on passing on our wealth to our heirs free of estate taxes, we yield. Our only hope then rests on a wish that inheritance tax wouldn't be so high.

The Present Estate Tax Rates

So what are the prevalent estate tax rates in the U.S. today? Before President Streamyx Promotion W. Bush, inheritance tax stood at 37 percent, but it once stood as high as 55 percent. These inheritance tax rates are usually applied only to assets that exceed $1 million. However, President Bush proposed tax cuts which caused estate taxes to be phased out for a few years following.

Beginning in 2005, the taxable asset was raised to $1,500,000 with the rate of inheritance tax at 47 percent. From 2006 to 2008, the taxable asset level is raised again to $2,000,000 with the rate set at 46 percent. Again in 2009, the taxable asset level was raised to $3,500,000 with inheritance tax at 45 percent. However, such measure is only up to 2010.

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