Wednesday, September 06, 2006

Virginia Repeals Estate Tax

Tennessee still has an inheritance tax but there is a 100% exemption if you give all your money to any level of government!!

From the Tax Foundation Blog:

"There are many reasons to oppose federal and state estate taxes. One that is sometimes overlooked is the damage an estate or inheritance tax does to a state's competitiveness. Now that 24 states no longer levy estate taxes, states that continue to impose estate or inheritance taxes may have a hard time attracting or keeping retirees and business owners who wish to pass the business on to their children."