House Committee takes first key step to ending punishing tax
Raleigh, NC – Americans for Prosperity-North Carolina today applauded efforts in the North Carolina General Assembly to end the state estate tax, also known as the death tax. “The death tax chases capital and investment away from North Carolina to other states, including our neighbors who have repealed this punitive tax,” said Woodhouse.
“This tax raises little money and likely costs the state money, because many people who are subject to this tax simply move. Repealing the death tax would be good for North Carolina family-owned businesses and farms.”
AFP fully supports House Bill 10, which would repeal the estate tax in North Carolina.
- A full 34 states do not have an estate tax.
- Only 16 states impose an estate tax.
- Nearby South Carolina, Georgia, and Virginia do not impose an estate tax or an inheritance tax and Tennessee is planning to sunset the death tax.
“Eliminating the death tax is a good way to implement a straightforward reform that protects our important family farms and family-owned businesses from double taxation, simplifies the tax code, reduces administrative and compliance cost, attracts job creators to relocate to NC, makes us more competitive with our neighboring states, with minimal impact to our general fund revenues,” said Woodhouse.