The article discusses the complexities surrounding inheritance tax, especially in states like Pennsylvania, where it can create financial burdens for families dealing with the loss of a loved one. Unlike federal estate taxes that primarily affect wealthy individuals, state inheritance taxes can apply to ordinary heirs. Lawmakers in Pennsylvania are advocating for the elimination of this tax, arguing that it unnaturally complicates the grief process. The article highlights the differences between inheritance and estate taxes, emphasizing the direct financial impact on heirs and the varying tax rates based on familial relationships.
The inheritance tax is different; it's just on the people who inherit, and it's just in a handful of states.
The burden of the inheritance tax on grieving families is both outdated and unfair, according to Pennsylvania lawmakers pushing for its elimination.
Even an estate well below the $13.99 million threshold could still be subject to a state-level inheritance tax.
Depending on the successor's relationship to the decedent, property or assets passed down could be taxed between 0% and 15% in Pennsylvania.
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