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Repeal of estate tax will reduce revenue an estimated $300 million over five years (NC)
Journal Now ^
| 8/12/13
| Richard Craver
Posted on 08/12/2013 4:52:44 PM PDT by Libloather
For supporters of the repeal of North Carolina’s estate tax, the passage serves as a big neon "come on home" message to ultra-wealthy individuals who have kept a primary residence in another state to avoid the tax.
"A tax that affects somewhere between a dozen and 100 families each year in a state with 9 million-plus people is fundamentally unfair," said Dallas Woodhouse, the director of the N.C. chapter of the conservative advocacy group Americans For Prosperity.
For opponents, the repeal – retroactive to Jan. 1 – serves as a prime example of conservative legislators favoring the wealthy few over the welfare of the whole at an estimated revenue-reduction cost of nearly $300 million over five years.
(Excerpt) Read more at journalnow.com ...
TOPICS: Crime/Corruption; Editorial; Government; News/Current Events
KEYWORDS: estate; nc; repeal; taxes
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"We have seen examples of wealthy North Carolinians, Republicans and Democrats, change their domicile to avoid the estate tax," Quick said.
Rich RATS flee to avoid taxes? That can't be right.
To: Libloather
2
posted on
08/12/2013 4:57:35 PM PDT
by
bravo whiskey
(We should not fear our government. Our government should fear us.)
To: bravo whiskey
3
posted on
08/12/2013 5:00:50 PM PDT
by
svcw
(Stand or die)
To: bravo whiskey
4
posted on
08/12/2013 5:01:34 PM PDT
by
GeronL
To: Libloather
Imagine allowing those people to keep 300 million
of their own money. Shameful. /s
5
posted on
08/12/2013 5:07:37 PM PDT
by
tet68
( " We would not die in that man's company, that fears his fellowship to die with us...." Henry V.)
To: Libloather
Less revenue, less troublemaking.
6
posted on
08/12/2013 5:48:58 PM PDT
by
familyop
(We Baby Boomers are croaking in an avalanche of rotten politics smelled around the planet.)
To: Libloather
Actually the estate tax affects more people than just those who can't avoid paying it. Individually owned businesses and farms, for instance, are often sold to a big firm or agribusiness when the owner reaches retirement, to avoid sticking the owner's heirs with estate taxes. When that happens, employees lose their jobs, and the degree of concentration in the economy increases. The efforts used to avoid estate taxes affect many people, not just those who actually pay them.
The 'death tax" is one of the most evil taxes levied by states and the Feds.
7
posted on
08/12/2013 6:21:39 PM PDT
by
JoeFromSidney
( New book: RESISTANCE TO TYRANNY. Buy from Amazon.)
To: Libloather
Repeal of estate tax will reduce revenue an estimated $300 million over five years (NC)That's a start.
8
posted on
08/12/2013 6:23:56 PM PDT
by
Jim Noble
(When strong, avoid them. Attack their weaknesses. Emerge to their surprise.)
To: JoeFromSidney
Individually owned businesses and farms, for instance, are often sold to a big firm or agribusiness when the owner reaches retirement, to avoid sticking the owner’s heirs with estate taxes.
My experience is they are sold because the heirs don’t want to run the business. Farmers kids would rather have the cash than farm it.
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