Inheritance Tax At The State Level
Many U.S. states also impose their own estate or inheritance taxes (see Ohio estate tax for an example), and some, such as Kentucky, impose both. Some states "piggyback" on the federal estate tax law in regard to estates subject to tax (i.e., if the estate is exempt from federal taxation it is also exempt from state taxation, e.g. Pennsylvania, 72 P.S. Section 9111(r). Some states' estate taxes, however, operate independently of federal law, so it is possible for an estate to be subject to state tax while exempt from federal tax. In Kentucky, the inheritance tax operates separately from either the state or federal estate tax; the inheritance tax is imposed on beneficiaries and based on the amount received from the estate, with some close relatives exempt from this tax by statute.
Read more about this topic: Estate Tax In The United States
Famous quotes containing the words inheritance, tax, state and/or level:
“It is very difficult to be wholly joyous or wholly sad on this earth. The comic, when it is human, soon takes upon itself a face of pain; and some of our griefs ... have their source in weaknesses which must be recognized with smiling compassion as the common inheritance of us all.”
—Joseph Conrad (1857–1924)
“The government’s view of the economy could be summed up in a few short phrases: If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it.”
—Ronald Reagan (b. 1911)
“However painful it may be for me to accept this conclusion, I am obliged to state it: for the black man there is only one destiny. And it is white.”
—Frantz Fanon (1925–1961)
“There is only one honest impulse at the bottom of Puritanism, and that is the impulse to punish the man with a superior capacity for happiness—to bring him down to the miserable level of “good” men i.e., of stupid, cowardly and chronically unhappy men.”
—H.L. (Henry Lewis)