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NC House gives initial OK to repeal estate tax

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RALEIGH, N.C. (AP) - North Carolina's tax on a dead person's financial assets would be repealed in legislation approved by House members who say the estate tax hurts family-owned farms.

The chamber gave tentative approval Tuesday to legislation ending the estate tax, which this year applies to estates that roughly exceed a little over $5 million. It's higher for couples.

The 83-36 vote followed debate on whether the bill would help farmers trying to keep operations in the family when they die or just extremely wealthy people. General Assembly researchers say about 1 in 500 estates are subject to the tax.

Opponent Rep. Paul Luebke of Durham said the state shouldn't give up the $50 million in revenues the state receives from the tax following recent social service cuts.

A final House vote is expected Wednesday.

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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Great News

will allow heirs to receive family owned businesses and farms without the need to mortgage their future to pay the estate taxes.

Would result in continuation of ongoing business and farm activities without the need to reduce work force.

Indeed

But lets call it as we see it.
Its main purpose is to allows the transfer of wealth - stocks bonds lavish homes to our offspring without financial penalty.
Of course since my estate WON'T be worth over $5 Mil I won't worry too much about it as that's when the estate tax (16%) kicks in anyway.

Estate taxes are nothing more than money grabbing of funds saved, earned AFTER taxes have been paid by the deceased all their lives.
It is a tax on already taxed monies....

Vog