The estate tax in the United States is a tax imposed on the transfer of property at death. It applies to the net value of the deceased person’s assets that exceed the estate tax exemption limit, which is $12,920,000 for 2023 (as per IRS Revenue Procedure 2022-38). The top estate tax rate is 40%. Estates below the exemption limit are not subject to the estate tax. The estate tax is governed by the Internal Revenue Code [Section 2001](https://www.law.cornell.edu/uscode/text/26/2001).