Nyvin
Junior Chimp
Posts: 7,693
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« on: July 28, 2022, 10:54:40 PM » |
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Repealing the Death (estate) tax is something the vast, overwhelming majority of people SHOULD be against.
Pre-2017, the first $5.5 million of an estate is exempt from taxes anyway. This means unless you planned on inheriting an estate significantly larger than $5.5 million (which I don't believe Ohio has too many voters of this type) than the estate tax worked entirely in your favor as it gave the government tax revenue in place of higher federal income taxes.
The 2017 Trump Tax law increased the exempt amount to $11 million, so repealing that makes even less sense.
Even the people who do reach $11 million estates the tax only affects amounts ABOVE that amount so to really have any meaningful affect the estate has to be in the ~$13-15 million area. There's probably fewer than a couple dozen people in all of Ohio who inherit estates of that size.
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