Tuesday, October 17, 2017

Fact of the Day

An estimated 35% to 45% of wealth is inherited rather than self-made.

 The Brookings Institution’s Richard V Reeves and Kimberly Howard have called this a “glass floor”, one element that protects the wealthiest from ever losing their mobility.

This inherited wealth can be passed on to one’s family members tax-free unless it’s larger than $5,430,000 – an extremely generous arrangement. (This means that fewer than 1% of all estates are taxed.) 

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