Quote:
Originally Posted by Dpeck100
I stand corrected. With the Trump tax cuts they lowered the top rate to 40%.
It should have been clear I was referencing someone like Bieber and with his net worth as a single guy the first 11.4 million would be sheltered and all other assets taxed at 40% on death.
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David, it is my understanding that the current, top federal income tax rate is 37% - for an individual taxpayer, this rate applies to taxable income in excess of $510,300: https://www.quickenloans.com/blog/fe...e-tax-brackets So, even with the addition of a state income tax (for those states that have income taxes), very few, if any, folks are going to pay 50%.
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