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 As shown, the 2001 tax act would have repealed the estate tax for one year (2010) and would then have readjusted it in 2011 to the year 2002
Solidarity tax on wealth Solidarity tax on wealth The solidarity tax on wealth ( or ISF) was an annual direct wealth tax on those in France having assets in excess of €1,300,000 (since 2011). It was one of the Socialist Party's 1981 electoral program's measures, 110 Propositions for France. First named IGF ("Impôt sur les Grandes Fortunes"), it was abolished in 1986 by Jacques Chirac's right-wing government, but re-established in 1988 as ISF in slightly different terms after François Mitterrand's re-election. In September 2017, the French government decided to abolish ISF and replace it with the tax on real estate (IFI), exonerating all financial