That's a good question. I was talking about folks who save their money and own a few things - this are folks who reuse Glad plastic bags and have saved every cent to pass onto their children. So not rich folks - but have enough saved that they get it taxed when they pass on. Originally Posted by Austin EllenAre you sure we are talking about the same thing? I thought we were discussing the estate tax that Trump wants to eliminate.
The estate and gift tax exemption is $5.45 million per individual. That means an individual can leave $5.45 million to heirs and pay no federal estate or gift tax. A married couple will be able to shield $10.9 million from federal estate and gift taxes.
So if we are talking about that, it is odd that someone with a more than $5.45 or 10.9 million estate would be reusing Glad plastic bags. Please explain the reference to the Glad bag folks as it relates to the estate tax.