What is a death tax?

A death tax, also known as an inheritance tax or estate tax, is a tax imposed by the state on the heirs of a deceased person. In New Hampshire, the death tax is calculated as a percentage of the total assets of the estate. This percentage can vary from state to state and depends on the relationship between the deceased and the heirs. For example, in New Hampshire, the death tax rate is 4.5% on estates valued over $5.6 million. The first $5.6 million of the estate is excluded from the death tax and the rate will vary depending on the amount of the estate’s value that exceeds $5.6 million. The heirs of the deceased person are responsible for paying the death tax. The death tax helps the state to collect money from those who have accumulated wealth during their life. It can be a significant source of revenue for the government and is used to help fund various public services. Additionally, it can help to discourage people from accumulating large amounts of wealth during their life, as they will be taxed on those assets when they pass away.

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What is a death tax?

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