See how the federal estate tax has changed in the 21st century

How the wealthy are preparing for an estate tax clip

In 2017, the federal government passed a tax bill that raised the estate tax threshold for individuals and married couples. However, this exemption was temporary and is set to expire at the end of 2025. This Bloomberg Tax podcast episode explains what wealthy individuals are doing to protect their estates before the tax change. Listen here.

Historically, only about 1% to 2% of Americans had to pay the federal estate tax

Recent IRS data shows that between 2011-16, that number dropped even lower: The federal estate tax only impacts about 0.2% of Americans. Death taxes typically only impact the rich, and the federal estate tax is no exception.

If the estate tax is repealed, more expensive alternatives might come in its place

The federal estate tax has been up for political debate for decades. Many want to get rid of it altogether. If repealed other tax options, like capital gains taxes, could have people paying more in taxes than before.

The debate over estate taxes centers on wealth inequality

Since the modern federal estate tax was implemented, people have felt strongly about whether or not to keep it. Much of the debate boils down to equality: Proponents say the tax creates better income equality between the rich and poor, while opponents say it's an inequitable tax only placed on the wealthy.

Half of the richest people in the US are finding ways around death taxes

One of the main purposes of the federal estate tax is to crack down on generational wealth, so wealth isn't concentrated among a select few. However, the ultra-rich have found ways around paying these taxes. This ProPublica article investigates the practices used by half of the 100 richest people in the US to avoid death taxes.

How much tax you would owe on a $14M inheritance

“Death taxes” refer to estate and inheritance taxes—fees imposed on wealth transfers after someone passes. While the federal estate tax only applies to estates over $13.61 million in 2024, some states, like Washington, have their own taxes.

Estate tax opponents coined the term 'death tax' to sway public opinion

Even though the term death tax has been used for centuries, opponents of the federal estate tax started utilizing the term in the 1940s to try and sway public opinion. Since the modern federal estate tax was first established in 1916, opponents have unsuccessfully tried to get it repealed.

Since 1913, Americans have paid income taxes at varying rates

In the 2020s, the top marginal tax rate has floated around 37%, relatively lower than previous eras. Some have called for boosting the rate significantly to tax the highest earners.

Death taxes have helped fund wars since the 1860s

Death taxes date back to 700 BCE and were used in Ancient Rome and Ancient Egypt. In the US, they've been used to finance wars since the Civil War, and have been levied on both the estate and beneficiary. The estate tax created during WWI to help finance war efforts is still in effect today.

In 2019, Congress passed the Secure Act to reform key aspects of the US tax code

Key Secure Act provisions included raising the age at which mandatory distributions take effect (to increase saving), allowing larger catch-up contributions for older individuals, and allowing employers to directly match contributions in a Roth 401(k).

A 1993 deal with the government exempts British Royals from paying inheritance taxes

When Queen Elizabeth II died, King Charles didn't have to pay any inheritance taxes on the money he received from his mother. That's because of a unique deal the royals made with the UK government in the 1990s, in an effort to preserve the assets of the royal family that are synonymous with the institution.

Americans are projected to inherit $105T over the next 30 years

Today, someone's financial standing has more to do with their families than any other outside factor. Of the more than $100T of projected inheritance, that money is concentrated among a few wealthy estates and families.

How the federal income tax affected Prohibition

In the early 1900s, 30% to 40% of government tax revenue came from liquor, wine, and beer, a reliance that made Prohibition seem like a fiscal impossibility. But the passage of the federal income tax in 1913 changed the calculus, which helped allow the government to ban alcohol production and sales.

Calculate how much of your tax dollars go to each federal program based on your income, filing status, and number of children

In 1931-32, JP Morgan Jr. paid no income taxes due to his company’s losses

This legally reduced his taxable income under existing laws. Similarly, the Rockefellers leveraged charitable foundations to minimize taxes, allowing them to preserve wealth while directing funds to their preferred causes.

See a timeline of the IRS's history, including the introduction of standard deductions and the digitization of the filing process

The Commissioner of Internal Revenue was created in 1862 to take over federal tax collection after the President enacted a temporary income tax. That agency eventually became today's Internal Revenue Service.

A rising number of Social Security beneficiaries are taxed on their Social Security income

That’s because while Social Security benefits increase with wages and inflation, the income limits for taxing those benefits stay the same and don’t adjust over time.

Learn how the US tax code works and why it's important

First published in 1926, the US Code is the official codification of federal statutes in the US. Title 26 of the US Code, for instance, lists all of the federal tax laws of the United States. A new edition is published every six years.

Run your numbers in this marriage tax calculator

When it comes to federal income taxes, not every couple benefits from getting married. This calculator lets you see how much two specific people might pay if they were to get married based on their individual income levels and more. Specifically, the calculator compares the taxes a married couple would pay if they filed a joint return with what they would pay if they were unmarried and each filed as single.

The de minimis exemption was a US tariff loophole

Until Aug. 29, 2025, US consumers could purchase up to $800 of goods per day, directly from an overseas company without incurring any tariffs on the products.

How to owe nothing on your federal tax return

Do you know you can avoid owing the IRS money come tax season by making changes to your W-4? For context, a W-4 is the form you fill out when you first start a new job. It tells your new company how much money to withhold from each paycheck for taxes. Find out how to avoid writing a check to the IRS each April in this article.

Investors collectively own $28T in US Treasury securities

The 10-year Treasury yield is a central measure of the health of the economy, shaping how much both the government pays on its debt and the cost of borrowing for the private sector. This explainer provides stats and explainers on the important metric.

The federal government has spent more money annually than it has collected every year since 2022

The government borrows money to cover this deficit, which increases the national debt. It’s the fourth most expensive spending category in the US budget.

The federal minimum wage in the US has been $7.25 per hour since 2009

While some argue that raising it is essential for reducing poverty, others fear it could lead to inflation and job cuts. The complexity deepens with states setting their own minimum wages—some even below the federal rate—leading to a patchwork of wage laws.

In the 1950s, the federal government tried to dissolve tribal nations and end their sovereignty

A federal policy called "termination" withdrew official recognition from more than 100 tribes in the 1950s, cutting off federal services and subjecting reservation land to state taxes and sale.

Rhode Island plans to impose a ‘Taylor Swift tax’ on second homes

Starting in the summer of 2026, the state will impose a new property tax surcharge on second homes valued at, or over, $1M that aren’t used as primary residences. Some are calling it the “Taylor Swift tax,” given that Rhode Island is home to the pop star’s gargantuan historic beach house.

While the first exchange-traded fund (a 'basket' of different assets that can be bought and sold on a stock exchange) in the US only launched in 1993, the global ETF market has grown to more than $10T in the short time since.

Before the current East Wing ballroom project, only two White House renovations in the past 100 years cost more than $10M.

The price of gas is a composite made up of several different factors, with the federal gas tax making up less than 20% of what drivers pay at the pump.

The power and influence of the American presidency have expanded significantly over time—far beyond what the founders envisioned.

US housing costs have risen by roughly 175% between 1991 and 2026—but a growing number of Gen Zers are becoming homeowners anyway. In 2025, 4% of homebuyers were Gen Z, up from 3% the year before.

The United States is one of only around two dozen countries with a fully federal system of government, in which power is divided between national and state governments.

Despite being favored by 87% of Americans, Congress does not have term limits.

US consumers collectively owe more than $1T to credit card companies—almost as much as they owe in auto loans.

The American Society of Civil Engineers' infrastructure report card gave the US a C in 2025, its highest grade since the project launched in 1998.

See a ranking of the best (and worst) Federal Reserve Chairs since 1914 out of the 16 men and women who have held the office since.

Some coin denominations have ridges etched on their sides, partly to prevent counterfeiting, in a practice called 'reeding.'

About 2,000 US babies are born annually without some portion of their limbs, potentially leading to a lifetime of pricey prosthetics.

View the ten deadliest tornadoes in US history.

The United States has had a tumultuous relationship with Cuba since its 1959 revolution, highlighted by a nuclear crisis and a decades-long trade embargo.

Indefinite cloning of some endangered species may not sustain their longevity because cloning success rates decrease as genetic mutations accumulate.

See this overview of the firework rules across all 50 states, ranging from a complete ban on non-professional fireworks in Massachusetts to states with more lax rules like Indiana.

Jimmy Carter signed a 1978 bill that legalized home brewing, a move credited with kick-starting the craft beer industry.

Apeirophobia is an overwhelming fear of living forever, perhaps stemming from the brain's inability to conceptualize an infinite life.

The Mona Lisa's celebrity status and repeated restorations have obscured what made the painting so revolutionary for its time

A 2019 Facebook event called on attendees to "Storm Area 51, They Can't Stop All of Us," resulting in countless memes, the creation of a music festival, and eventually the arrests of those who did try to approach the area.

Mark Twain spent decades feuding with the US Postal Service, convinced its costs and regulations were bureaucratic overreach.

A century of Billboard issues documenting the evolution of popular music.

In 2019, a laptop loaded with six of the worst malware in history and described as 'an exhibit of historical weaponry' sold for $1.3M.

The boiling temperature of water decreases with increasing elevation because the molecules need less energy to overcome the lower atmospheric pressure associated with thinner air.