estate tax

Texas, in addition to having no personal income tax or estate tax, has a $7.25 minimum wage and a right-to-work law.

The single most indefensible component of the tax bill congressional Republicans are trying to renew is a cut in the estate tax.

This means those assets can be exempt from estate taxes, which can range from 18% to 40% of the estate’s value.

That includes higher standard deductions, a lower top marginal tax rate, bigger child tax credits, lower estate taxes and certain deductions tailored for small businesses.

That’s also the bad news, costing them thousands more in real estate taxes and leaving less for discretionary spending.