The Congressional Budget Office (CBO) has published a report describing various aspects of federal estate and gift taxes. 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: https://bit.ly/2RXZlUX Call or visit our website for more information! www.mjscpa.com/
