Legislators Discuss Repealing Estate Tax
Republican leaders in the state legislature are considering measures that could end the estate tax for North Carolinians. The Revenue Laws Study Committee met today to discuss taxes in the state. The committee plans to hold a full discussion on repealing the estate tax at its next meeting. Republican Senator Robert Rucho is a co-chair of the committee.
Robert Rucho: You think about it, the estate tax, there's a lot of planning being done on that basis, so it may only affect certain people at certain times but in reality I believe the federal government is going to be making some changes in Washington and because of that NC will have to change to some effect otherwise people will get double taxed or there will be lots of revenue.
But some state advocacy groups are against ending estate taxes. Right now most estates except for the very wealthiest are already exempt. Congress is expected to examine estate tax issues later this year, including whether to extend the Bush-era tax cuts.