Question of the Day
What portion of federal taxes are comprised of estate and gift taxes?
In 2017, estate and gift taxes comprised 0.7% of the taxes collected by the federal government. Between 1968 and 2017, these taxes ranged from 0.3% to 2.6% of federal revenues, with the median and average both being 1.2%. The modern federal estate tax was first enacted in 1916, and per the IRS, it "was to serve the dual purposes of producing revenue and redistributing wealth."
DocumentationEstate and Gift Taxes