Super-Rich Americans Paid 97% More Estate Tax During Pandemic
The IRS collected $18.4 billion in such levies last year, though some experts say the increase was likely a one-year blip.
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US estate tax collections in 2021 hit their highest levels since former President Donald Trump’s tax cuts took hold, a stark trend reversal that experts attribute to one-off pandemic factors.
Nearly 2,600 estates paid $18.4 billion in taxes last year, almost double the $9.3 billion collected in 2020, according to data from the Internal Revenue Service. The spike is likely a temporary blip as higher-than-normal death levels and stock and real estate gains meant that more people were rich enough to be subject to the tax.