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 As shown, the 2001 tax act would have repealed the estate tax for one year (2010) and would then have readjusted it in 2011 to the year 2002
Sport in the United Kingdom funding plans which were more focused than ever before on rewarding sports which have delivered Olympic success, and as a corollary penalising those which have not. UK Sport also provides money for the recreational side of the main team sports, even football. Other sports benefit from special financial provision. British tennis is subsidised by the profits of the Wimbledon Championships, which are in the tens of millions of pounds each year. Horse racing benefits from a levy on betting. Following the Budget from 21 March 2007 there will be only few tax breaks to British sport in the near future.