In an effort to ensure Maryland’s millionaires don’t flee the state for cheaper pastures, the General Assembly approved Thursday a cut to the state’s estate tax.
After spirited debate and a 36-10 vote from the Senate, the bill was sent to Gov. Martin O’Malley, who is likely to sign the bill.
The bill recouples Maryland to the federal estate tax exemptions. The state’s estate tax ceiling would go up incrementally, capping at the federal exclusion level of $5.3 million by 2017. Under current state law, any assets worth $1 million or more are taxed after their owner dies.
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3 comments:
About the only tax they've ever cut in MD. Too bad it applies to so few (wealthy campaign donors).
der no der,
what else do you need to see happen before you finally say we are right in what we say and that is they only care about themselves and only tell you what you want to hear at the time they need your vote?
To me it shows how dumb you all are for not thinking they can and will do this to you and the fact that they lie directly to your face and even under oath... You sir are the problem not the govt..
We all knew they would do this and have been for some time since humanity started...
With all his money, Joe should be happy about this change.
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