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The Congressional Budget Office (CBO) Published A Report about Federal Estate and Gift Taxes

by | Jun 17, 2021 | Tax Strategy | 0 comments

The report describes the taxes in detail, looks at the people who pay them and examines the types of assets that comprise taxable estates. In 2021, estates face a 40% tax rate on their value above $11.7 million, although various deductions reduce the value subject to the tax. The same threshold and tax rate apply to gift taxes. According to the CBO, in 2020, revenues from federal estate and gift taxes totaled $17.6 billion (or 0.1% of gross domestic product). To read the report visit here: https://bit.ly/2RXZlUX

 

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