Skip to comments.The Death Tax – Taxes on Death
Posted on 09/19/2013 9:33:37 AM PDT by ThethoughtsofGreg
It has been said that the only certainties in life are death and taxes. Thankfully, across the states its becoming less likely for Americans to be actually taxed on death. Recently, the Wall Street Journal had an outstanding editorial on the Death Tax (otherwise known as the estate or inheritance tax) across the 50 states, titled The Die Harder States. The editorial points out a positive trend: four states have recently scraped their death tax. Recently, we chronicled North Carolina and Indianas pro-growth move to eliminate their death tax. With the addition of Ohio and Tennessee to the States that have recently repealed the death tax, there are now 18 states (plus the District of Columbia) that see it fit to tax the hard-earned and previously-taxed assets of the deceased as they are passed on to their heirs.
This trend is a major cause for optimism in state economic policy, particularly in the face of an extremely tepid economic recovery in the wake of a massive economic contraction and characteristically poor policy by the federal government with respect to the death tax (previous cuts were allowed to expire, bringing the federal death tax up to a 40% rate on estates with an exemption of only $5 million). Despite this generally positive trend on the state level, the Journal points that some states have taken the path of pain:
(Excerpt) Read more at americanlegislator.org ...
The government is your sole heir.
death taxes are the democrats mechanism to grab your family’s wealth
We are in a bad direction in this country.
Mr. Gov.: "You just died Mr. John Doe. That's going to cost you most of your life savings."
Mr. Doe: "But I've already been taxed to death!"
"He said he'd rather to be buried with his wallet then to have it confiscated. So here we are. The State just wants its fair share."
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