It's been said that the only things certain are death and taxes...but what about taxes AFTER death?! How unfair is that!? You work your entire life, you pay your income taxes, you pay your property taxes, your sales taxes, the embedded taxes in imports like sugar, where the cost is folded into the price but you, as the consumer, are still paying for that import tax...the taxes are endless.
So now, even after you have paid out the nose to fund a government that wants to hand it all out in the form of bailouts and welfare checks, you die. And what happens? You guessed it. You're assets, when passed on to a family member or friend, are TAXED.
But if State Senator Jim Banks has anything to do with it, this travesty will finally become righted (following quotes borrowed from the Senator Jim Banks press release).
""If passed, this bill would allow the state to responsibly phase out the inheritance tax over five years," Banks said. "By eliminating this burdensome tax, we are encouraging hardworking Hoosiers to retire in Indiana and pass along their wealth to family or friends without the fear of government intrusion."
Banks said by eliminating the inheritance income tax, the state could attract investments which could lead to economic growth. Banks filed the legislation in response to concerns from constituents in Senate District 17.
Taxes on state and federal inheritance income and estates will cost this generation of Hoosiers thousands of jobs, according to the American Family Business Foundation.
Banks' legislation will be assigned to a committee for further consideration.
Only six states levy an inheritance tax, with the rate depending on the relationship of the heir to the deceased, according to Banks."
Sen. Banks is absolutely right in his convictions. It is unfair, it is regressive to this state financially, and scares off people that want to settle down in one of our sleepy little towns here in this great state. I hope that everybody takes a moment and writes to Sen. Banks thanking him for pushing for the death of the death tax.
