what are the estate tax rates for 2018
Estate tax in the United States 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 and/or upon their death, without incurring federal gift or estate taxes:[3] $5,340,000 for estates of persons dying in 2014[4] and 2015,[5] $5,450,000 (effectively $10.90 million per married couple, assuming the deceased spouse did not leave assets to the surviving spouse) for estates of persons dying in 2016.[6] Because of these exemptions, it is estimated that only the largest 0.2% of estates in the U.S. will pay the tax.[7] For 2017, the exemption increases to $5.5 million. In 2018, the exemption will double to $11.18 million per taxpayer due to the Tax Cuts and Jobs Act of 2017.
History of taxation in the United Kingdom The Government of Margaret Thatcher, who favoured indirect taxation, reduced personal income tax rates during the 1980s.[19] In the first budget after her election victory in 1979, the top rate was reduced from 83% to 60% and the basic rate from 33% to 30%.[20] The basic rate was also cut for three successive budgets â€“ to 29% in the 1986 budget, 27% in 1987 and to 25% in 1988.[21] The top rate of income tax was cut to 40% in the 1988 budget. The investment income surcharge was abolished in 1985.