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Monday, March 10, 2014

House Votes To Cut Taxes On The Wealthiest Dead

The House of Delegates overwhelmingly approved a tax cut in Friday’s session that would benefit Maryland’s millionaires after they die.

In a 120-13 vote, the House voted to exempt more assets from the estate tax, which taxes a property of a deceased individual if it’s valued at $1 million.

If signed into law as is, HB 739, sponsored by Speaker of the House Michael Busch, would increase the estate tax incrementally before matching the federal exclusion level of $5.3 million in 2017.

“It’s a shame that in Maryland, you can’t get a tax break until you’re dead,” said Republican Del. Herb McMillan prior to the vote. ”I would prefer to get one while I’m still alive.”

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