INSIDE COMPLIANCE

As the president and the Republican Party inch closer to finalizing their proposed tax overhaul, one major proposed change is the repeal of the estate tax. The estate tax is a tax on an individual’s right to transfer property upon his or her death, usually to the individual’s surviving relatives or heirs. Currently, estates are taxed at a rate of 40% after the first 5.5 million. While the tax itself only impacts the wealthiest 0.2% of Americans, the inclusion or repeal of the tax in the Republican tax bill will affect Americans of all income brackets.