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Wed Feb 20, 2013, 07:57 PM

NC House panel approves ending 'death' tax

By GARY D. ROBERTSON, Associated Press
Published 2:58 pm, Wednesday, February 20, 2013

RALEIGH, N.C. (AP) House Republicans pushed a repeal of North Carolina's estate tax through a key committee Wednesday, over the objections of Democrats who said the majority party is again favoring the well-off over the poor and unemployed.

The House Finance Committee voted mostly on party lines in favor of the measure, although a broader tax overhaul plan is expected later this year. The measure would eliminate what GOP legislators have sought to do away with for years. A change by Congress last month to rework the link between federal and state estate taxes gave GOP legislators the opportunity to get rid of the state's portion.

Republicans say what they call the "death tax" encourages the wealthy to move out of state and hurts family-owned farms. The tax for people who died this year applies on the value of an estate over $5.25 million, with a tax ranging from 0.8 percent to 16 percent. The exemption is $10.5 million for married couples ...

http://www.sfgate.com/news/article/NC-House-panel-approves-ending-death-tax-4294912.php

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