Tag Archives: Estate Tax

The US House repealed the estate tax, Senate not excited, and the President warns of a veto

On Thursday the House approved tax measures that would repeal the estate tax and make permanent the state and local sales tax deduction in lieu of the income tax deduction. The state and local tax deduction measure, H.R. 622, passed by a vote of 272-152. The Congressional Budget Office estimates this change would add $42 billionContinue Reading

US has 4th highest estate tax rate

Even though North Carolina removed it’s state’ inheritance tax, citizens are still on the hook for the federal estate tax.  A new report from the Tax Foundation shows the U.S. has the 4th highest estate tax… Washington, DC (Mar 17, 2015)—While other countries continue to cut or eliminate their estate and inheritance taxes, the U.S.Continue Reading

The case for the death tax continues to crumble, if there ever was any

As David Logan of the Tax Foundation noted in a recent public testimony, proponents of a tax on one’s estate at death mistakenly emphasize three outcomes. The break up of large concentrations of wealth Given that wealthy people are likely to bequeath to multiple people anyway, this is, to a large degree, a non-issue. The wealth is alreadyContinue Reading

Constituents ready for an end to NC’s death tax

The Civitas Institute’s latest poll ought to give comfort to anyone seeking to eliminate North Carolina’s death (estate) tax. An overwhelming majority of likely voters in the state—two thirds—oppose it. In fact, only 25 percent of the 600 individuals surveyed either somewhat or strongly support the death tax. The tax goes up to 16 percentContinue Reading