State Level Estate Tax
State Level Estate Tax
UFE supports progressive taxes at the state level, and has supported estate tax efforts in states including NH and RI. A tax on inherited wealth is a traditional and common revenue source
for states. Prior to the 2001 passage of the federal estate tax cut,
every state levied an estate tax that allowed them to "pick-up" a share
of federal estate tax revenues. In addition, about a dozen states
levied a separate inheritance or estate tax.
Currently, close to half the states levy either an estate or inheritance tax.
Resources:
New Hampshire Estate Tax Action Alert
UFE Testimony to the New Hampshire Legislature (PDF)
Rhode Island Estate Tax Action Alert
UFE Testimony to the Rhode Island Legislature (PDF)