The estate tax is a tax on property (cash, real estate, stock, or other assets) transferred from deceased persons to their heirs. Only the wealthiest estates in the country pay the tax because it is levied only on the portion of an estate’s value that exceeds a specified exemption level, currently $5.12 million per person. Though the tax has been an important source of federal revenue for nearly a century, a number of myths continue to surround it.
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