|Joan Quigley, For The Jersey Journal|
"If you're going to die, don't do it here."
That's advice a financial planner might give his
Most states don't even have a so-called death tax.
Inheritance tax rates here range from 11 to 16 percent. There are exceptions. It doesn't apply to money left to a spouse, parent, grandparent, or child. However, it does apply to siblings and spouse's children who benefit by
If you don't think that's fair, you have company. Ten bills were introduced in
All that changed, however, when a few prominent Republicans suggested they might vote for an increase in the gasoline tax as a trade-off for reductions in estate taxes. Few seem to have noted that if you raise an extra million here and lose a million there, the state's no better off.
Arguments instead focused on who's paying which tax. Most people don't leave estates valued at more than
The 10 bills take different approaches to improving the situation for estates. One would raise the tax threshold to a million dollars, one to
Not one of them is likely to pass as is. But a piece from this one and a piece from that one might be combined to create a whole new bill likely to pass muster with Democrats, as well as sponsoring Republicans.
Despite all the chatter, however, chances of passage dimmed with the latest budget proposal.
So, hang in there a while longer. Dying anytime soon would be just too expensive.
A former state assemblywoman from
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