Washington DC, August 9, 2021 – As hard-working taxpayers and generationally owned family businesses, built on hard work, plan for the future, they should be aware of the most current data about which States in the United States have a State Estate tax (Death Tax). This is an additional tax paid on top of the current 40% federal estate tax, on a lifetime of savings. Some have a separate estate tax, or pick up or modified pick up tax, and some have an inheritance tax.
Policy and Taxation Group retains McGuire Woods to determine the existence of, or not, a state estate tax (death tax) in every one of the 50 states. Every year McGuire Woods produces this chart which outlines each state and if they have a state estate tax, and if so what it is, or if they do not have a state estate tax (death tax).
Currently
- Thirty-three states DO NOT HAVE AN ESTATE TAX
- CT, OR and WA have a “separate state estate tax”
- Nine states, VT, RI, NY, MN, MA, ME, HI, IL, DC, have a “pick up or modified pick up tax”
- Four states IA, KY, NJ, PN, NE, have an “inheritance tax”
- Maryland has a pickup tax AND an inheritance tax
About Policy and Taxation Group
Policy and Taxation Group (PATG) is dedicated to the ultimate repeal of estate, gift and generation-skipping transfer (GST) taxes, and the elimination of the destructive effect those taxes have on families, family businesses, job creation, the national economy, and government revenues.
Contact
Pat Soldano
President, Policy and Taxation Group
714 357 3140
policyandtaxationgroup.com
