inheritance tax

noun

Definition of inheritance tax

1 : a tax on a decedent's net estate that is levied after the estate is transmitted to the inheritors
2 : death tax especially : estate tax

Examples of inheritance tax in a Sentence

Recent Examples on the Web South Korean officials are expected to assess the inheritance tax—which could be as high as 60% for the Samsung shares—over the next months. Elizabeth Koh, WSJ, "Samsung Heir Takes Reins of Tech Giant Stuck in His Father’s Past," 25 Oct. 2020 Six, including Pennsylvania and New Jersey, had an inheritance tax. Russ Wiles, The Arizona Republic, "Brushing up on tax basics, just in time for elections," 24 Aug. 2020 There's no federal inheritance tax, though there has been in the past. Russ Wiles, The Arizona Republic, "Brushing up on tax basics, just in time for elections," 24 Aug. 2020 Other measures should include a wealth tax and a progressive inheritance tax. Chuck Collins For Cnn Business Perspectives, CNN, "Billionaires are getting even richer from the pandemic. Enough is enough," 11 May 2020 The Times, which first reported Trump's change in residence, said the move was motivated by taxes: Florida notably has no state income or inheritance tax. Dartunorro Clark, NBC News, "Trump trolled after announcing Florida move: 'Next stop Moscow'," 1 Nov. 2019 And Democratic presidential candidates Elizabeth Warren and Bernie Sanders have proposed their own versions of higher inheritance taxes on wealthy estates. Aimee Picchi, CBS News, "Is America's low estate tax to blame for wealth inequality?," 29 Jan. 2020 The Equality State has no income tax, no estate or inheritance tax, a low sales tax, and a low property tax. Dakota Kim, Sunset Magazine, "Wyoming Isn’t Just the Next Retiree State. It’s Great for Millennials Too," 11 Feb. 2020 According to Zak, Jeanne had died in 1934, but the Calment family had presented the corpse to the authorities as Yvonne, in order to avoid inheritance taxes. Lauren Collins, The New Yorker, "Was Jeanne Calment the Oldest Person Who Ever Lived—or a Fraud?," 10 Feb. 2020

These example sentences are selected automatically from various online news sources to reflect current usage of the word 'inheritance tax.' Views expressed in the examples do not represent the opinion of Merriam-Webster or its editors. Send us feedback.

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First Known Use of inheritance tax

1841, in the meaning defined at sense 1

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Time Traveler for inheritance tax

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The first known use of inheritance tax was in 1841

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Cite this Entry

“Inheritance tax.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/inheritance%20tax. Accessed 5 Mar. 2021.

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More Definitions for inheritance tax

inheritance tax

noun

Legal Definition of inheritance tax

: an excise tax that is levied upon the privilege of receiving property as heir or next of kin under the law of intestacy and that is measured by the value of the property received — compare estate tax

More from Merriam-Webster on inheritance tax

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Britannica.com: Encyclopedia article about inheritance tax

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