EDITORIAL: Pull plug on death tax
A bill filed by Rep.
"People that no one would consider wealthy are currently being hit by the
He cited a hypothetical family with a home they bought decades earlier for a bargain
So, yes, the heir becomes an "accidental millionaire."
Currently the federal estate tax exempts inheritances under
Now most families with substantial assets engage in the kind of estate planning and tax avoidance that will allow them to pass their wealth on to children via trusts and gifts virtually tax free. It's those without such resources -- and the expertise it buys -- who end up paying the most.
In fact, the state collected a mere
But more to the point,
"The elimination or reduction of the estate tax would result in retention of some high-tax payers and their estates in
"The retention of fewer than 200 estates and the collection of income and sales tax through the years from those individuals and their families in
And what a sensible approach that would be.
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