Estate tax in the United States exemption level with a 2001 top rate. That is, had no further legislation been passed, the estate of a person who died in the year 2010 would have been entirely exempt from tax while that of a person who died in the year 2011 or later would have been taxed as heavily as in 2001. However, on December 17, 2010, Congress passed the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010. Section 301 of the 2010 Act reinstated the federal estate tax. The new law set the exemption for U.S. citizens and residents at $5 million per
Estate tax in the United States the gift tax, applies to transfers of property during a person's life. In addition to the federal estate tax, many states have enacted similar taxes. These taxes may be termed an "inheritance tax". The tax is often the subject of political debate, and opponents of the estate tax call it the "death tax". Some supporters of the tax have called it the "Paris Hilton tax". If an asset is left to a spouse or a federally recognized charity, the tax usually does not apply. In addition, a maximum amount, varying year by year, can be given by an individual, before