Effect of North Carolina Estate Tax Repeal

AsI have previously discussed, North Carolina recently repealed their estate taxretroactive to January 1. 

Whilethis tax repeal will benefit between a dozen and 100 families each year, thismeasure is expected to reduce revenue an estimated $300 million over the nextfive years.

Opponentsof the estate tax repeal believe this is just another “example of conservativelegislators favoring the wealthy few over the welfare of the whole.”  However, proponents of the repeal believe itgives North Carolina “a level playing field” with neighboring states in attractingwealthy entrepreneurs and small business owners.

See Elizabeth “Betty”Quick, Repeal of Estate Tax Will ReduceRevenue an Estimated $300 Million over Five Years, Winston-Salem Journal,Aug. 17, 2013.