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Nearly $7 billion tax payments were sent to the U.S. Treasury Department

There were many queries regarding who paid the tax and why, given this was the greatest single-day collection of such tax type ever since 2005.

How do gift and estate taxes work?

Gift and estate taxes are paid whenever one individual transmits property to the other, whether through succession or a gift. Although there are numerous exclusions and exemptions, the federal estate tax is charged at a 40% rate. For instance, the initial $11.58 million of a property is free from taxes, as well as any sums that are distributed to a partner or a charity. The federal gift tax is similarly 40%, although there is a $15,000 yearly beneficiary deduction, and gifts are not subject to the tax.

The $7 billion payout was made by who?

Since government authorities are banned from sharing information about any tax records, it is unclear who delivered the $7 billion pay. We can, however, attempt some educated estimations depending on some computations and presumptions.

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