With a vote looming on an Illinois bill (HB 689) that would impose a graduated income tax with a top rate of 11.25 percent on pass-through businesses (previous coverage here and here), the Illinois Department of Revenue...
- The Tax Policy Blog
- Ohio Officials Look at Estate Tax Repeal
Ohio Officials Look at Estate Tax Repeal
From the Columbus Dispatch:
Elimination of the estate tax, which hits estates valued at more than $338,333 when a person dies, was among the first 18 bills rolled out yesterday by House Republican leaders, who officially regained control of the chamber last week.
The estate tax brings in about $245 million a year to local governments and about $60 million a year to the state. Some cities, villages and townships rely on it more heavily than others.[...]
John Mahoney of the Ohio Municipal League has fought for a decade to preserve the estate tax, which hits about 7 percent of estates, according to state estimates.[...]
It's important to note that while only a small number of estates pay an estate tax, the compliance costs of it are much more widespread. Many individuals engage in complex estate planning and/or buy insurance policies to avoid the estate tax. Put another way, the estate tax is one of the least efficient taxes, imposing huge compliance costs for each dollar of revenue collected, relative to other taxes.
Get Email Updates from the Tax Foundation
We will never sell or share your information with third parties.
Join the Tax Foundation's fight for sound tax policy Go
About the Tax Policy Blog
The Tax Policy Blog is the official blog of the Tax Foundation, a non-partisan, non-profit research organization that has monitored tax policy at the federal, state and local levels since 1937. Our economists welcome your feedback. If you would like to send an e-mail to the author of a blog post, please click on that person's name to locate his or her e-mail address or visit our staff page here.