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RALEIGH, NC (AP) — A key North Carolina Senate committee has declined to follow a recommendation from Gov. Beverly Perdue’s budget proposal that would have generated an extra $80 million next year in estate taxes.

The Senate Finance Committee agreed Wednesday with a recommendation by another legislative panel to conform North Carolina’s estate tax with changes to the federal law approved in December.

Perdue’s budget asked that the threshold above which estates would be taxed should be lowered from the federal level of $5 million to $1 million. Perdue’s office said only 1,200 estates annually in North Carolina exceed a $1 million value.

Senate Finance Committee Chairman Bob Rucho of Charlotte said lowering the threshold would have been a tax increase.

(Copyright 2011 by The Associated Press. All Rights Reserved.)

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  • Commonsensenotcommontoday

    More class warfare from the Democrats. “We know you paid taxes all the time you earned that money, Mister Jones, but when you croak we’re going to tax you again. As a matter of fact, we’re going to loot your estate three ways from Sunday, because that’s not really your money. It’s OURS.”

    By the way, only 1200 estates a year are worth more than $1 million in North Carolina? I’m calling BS, Bev! Were you using tax data from 1962?

  • million dollar estates in New Hanover County. Bev and her band of cronies find it easier to tax and spend than shrink the bloated size of government…in typical Democratic style.

  • Guest

    About all Perdue knows to do is come up with a way to raise taxes. Estates should not be taxed at all.


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