I was just doing a little research on estate taxes... Here's the findings...
Federal:
$5.34M exempt from taxes.
Remainder taxed at 40%.
NYS:
$1M exempt for estate of a person who died prior to April 1, 2014.
First $10.039M (less exemption) taxed at 5.085%.
Remainder taxed at 16%.
To put this in perspective, Ralph'd estate would pay the following based on the Bills selling for $1B...
Federal gets $397,864,000
NYS gets $158,853,393.15
Total taxes = $556,717,393.15 (55.67%)
Total remaining for trust = $443,282,606.85 (44.33%)
That's an obscene government money grab IMO.
Federal:
$5.34M exempt from taxes.
Remainder taxed at 40%.
NYS:
$1M exempt for estate of a person who died prior to April 1, 2014.
First $10.039M (less exemption) taxed at 5.085%.
Remainder taxed at 16%.
To put this in perspective, Ralph'd estate would pay the following based on the Bills selling for $1B...
Federal gets $397,864,000
NYS gets $158,853,393.15
Total taxes = $556,717,393.15 (55.67%)
Total remaining for trust = $443,282,606.85 (44.33%)
That's an obscene government money grab IMO.
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