Estate tax in the United States maximum allowable credit is $2 million for that year, so the taxable value is therefore $1.5 million. Since it is 2006, the tax rate on that $1.5 million is 46%, so the total taxes paid would be $690,000. Each beneficiary will receive $1,000,000 of untaxed inheritance and $405,000 from the taxable portion of their inheritance for a total of $1,405,000. This means the estate would have paid a taxable rate of 19.7%. As shown, the 2001 tax act would have repealed the estate tax for one year (2010) and would then have readjusted it in 2011 to the year 2002
History of the British salt tax in India order abolishing the salt tax, but the order was vetoed by the Viceroy, Lord Wavell. The salt tax continued in force until March 1947, when it was abolished by the Interim Government of India headed by Jawaharlal Nehru , by the then-Finance Minister Liaquat Ali Khan. A modified salt tax was later introduced, to the Republic of India, via the Salt Cess Act, 1953, which received the assent of the President on 26 December 1953, and was brought into force on 2 January 1954. History of the British salt tax in India Taxation of salt has occurred in India since