By Jeremy Bauer-Wolf | Maryland Reporter
The House of Delegates overwhelmingly approved a tax cut in Friday’s session that would benefit Maryland’s millionaires after they die.
In a 120-13 vote, the House voted to exempt more assets from the estate tax, which taxes a property of a deceased individual if it’s valued at $1 million.
If signed into law as is, HB 739, sponsored by Speaker of the House Michael Busch, would increase the estate tax incrementally before matching the federal exclusion level of $5.3 million in 2017.
“It’s a shame that in Maryland, you can’t get a tax break until you’re dead,” said Republican Del. Herb McMillan prior to the vote. ”I would prefer to get one while I’m still alive.”
at Maryland Reporter.
The post Maryland House votes to cut taxes on wealthiest dead appeared first on Watchdog.org.