Tuesday, August 20, 2013
As I have previously discussed, North Carolina recently repealed their estate tax retroactive to January 1.
While this tax repeal will benefit between a dozen and 100 families each year, this measure is expected to reduce revenue an estimated $300 million over the next five years.
Opponents of the estate tax repeal believe this is just another “example of conservative legislators favoring the wealthy few over the welfare of the whole.” However, proponents of the repeal believe it gives North Carolina “a level playing field” with neighboring states in attracting wealthy entrepreneurs and small business owners.
See Elizabeth “Betty” Quick, Repeal of Estate Tax Will Reduce Revenue an Estimated $300 Million over Five Years, Winston-Salem Journal, Aug. 17, 2013.