The Estate Tax is a tax on the right to transfer property in case of death. It is based on the amount of the taxable estate. In the US every taxpayer has a lifetime gift and estate tax exemption amount. In 2022, the lifetime exemption increased from $11.7 million to $12.06 million. Unless the tax laws change, the lifetime exemption will drop to approximately $6.2 million at the end of 2025.
Additionally, twelve states and the District of Columbia impose estate taxes and six impose inheritance taxes.
Currently there is no wealth tax in the United States.