Oooh the likes of Mark Cuban are going to be pissed! This is a great start. I was hoping to see inheritance tax addressed, I hope Biden's ridiculous unrealized capital gains went away.
Federal Inheritance Tax Status
There is no federal inheritance tax currently.
However, some states do levy inheritance taxes. As of 2025, these states include Iowa, Kentucky, Maryland, Nebraska, New Jersey, and Pennsylvania. It's worth noting that Iowa will phase out its inheritance tax by 2025.
In contrast, there is a federal estate tax, which applies to estates with a value over $13.99 million in 2025.
I appreciate the info, am getting to the age I dont want my kids to have to pay for my "leftovers." Of course if I was worth 13.99 million I may not care so much!
Does this mean that if you are eligible to start drawing Social Security you can do that and still work another job without watching your numbers because they will cause your SS to be taxed if they go over a certain amount?
Oooh the likes of Mark Cuban are going to be pissed! This is a great start. I was hoping to see inheritance tax addressed, I hope Biden's ridiculous unrealized capital gains went away.
According to Brave AI:
Federal Inheritance Tax Status There is no federal inheritance tax currently.
However, some states do levy inheritance taxes. As of 2025, these states include Iowa, Kentucky, Maryland, Nebraska, New Jersey, and Pennsylvania. It's worth noting that Iowa will phase out its inheritance tax by 2025.
In contrast, there is a federal estate tax, which applies to estates with a value over $13.99 million in 2025.
I appreciate the info, am getting to the age I dont want my kids to have to pay for my "leftovers." Of course if I was worth 13.99 million I may not care so much!
No problem, fren. I figured this information would ease your mind.
Sooooo, we aren't abolishing the IRS?
I bet no IRS Agent in the history of the agency has ever been selected for a random audit,...
#6 Particularly warms the heart.
Piece by piece until we have no tax on individual at all.
Does this mean that if you are eligible to start drawing Social Security you can do that and still work another job without watching your numbers because they will cause your SS to be taxed if they go over a certain amount?