Indiana Set To Repeal 'Death Tax'...

[paulitician]

WTG Indiana! Call me an optimist, but i'm actually beginning to feel the tide is turning against Big Government oppression. We'll see i guess.


Next week, Indiana is set to become the second state to repeal its “death tax” in the last 12months, following Ohio, which repealed its estate tax in July 2011.

The plan will repeal the inheritance tax over ten years, beginning by raising the exemption level from excluding inheritances of less than $100,000 for close relatives, to excluding inheritances of less than $250,000 for close relatives. Close relatives are defined as children and grandchildren. Spouses are already exempt.

While a $100,000 cut-off may seem generous, opponents of the death tax point out that it disproportionately affects small businesses, and Indiana — a state where many of the most prominent businesses, as well as many of the farms are family-owned — is no exception. This is because when the leader of the family dies, the state takes a percentage of the wealth when it is passed down to their successors, effectively robbing the company of valuable capital at a time of already-difficult transition.

Under the first phase of the new law, those who are not close relatives will receive an exemption for inheritances under $25,000.



Read more: Indiana | Death Tax | Inheritance Tariff | The Daily Caller

 

[Claudette]

I have never figured out why the State has a right to a part of anyones inheritence?

Talk about highway robbery.

 

[paulitician]

I have never figured out why the State has a right to a part of anyones inheritence?

Talk about highway robbery.

Big Government arrogance and greed.