Economic

Why States May Want to Fall off the ‘Cliff’

“Falling off the ‘fiscal cliff’ is a bad thing, right? Not necessarily for some state governments that could begin collecting more in estate taxes on wealth left to heirs if the United States goes over the ‘cliff,’ allowing sharp tax increases and federal spending cuts to take effect in January.

In an example of federal and state tax law interaction that gets little notice on Capitol Hill, 30 states next year could collect $3 billion more in estate taxes if Congress and President Barack Obama do not act soon, estimated the Urban-Brookings Tax Policy Center, a Washington think tank.”

Source:Why States May Want to Fall off the ‘Cliff’

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