Delaware is set to allow the estate tax that was created in 2011 to expire after seeing a drop in revenue from the tax over the last four years. Critics of the tax argue that it punishes self made persons rather than those with vast inherited wealth and that wealthy families have the ability to transfer residence to tax free states which has caused some to abandon the state entirely. The expiration of the tax causes Delaware to join a growing number of states that have repealed or scaled back estate taxes due to strong political pressure from small business groups.
See Tony Corvo, Delaware Lawmakers Plan to Kill State’s ‘Death Tax’, Heartland, July 6, 2015.
Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.
