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- Introduced by Rep. Fred Miller (D) on September 23, 2009, to eliminate the link between the Michigan estate tax and the federal estate tax levied on a person’s assets upon death, which would establish a permanent Michigan estate tax on estates of $2 million or more. Assets attributable to family owned businesses, including farms, would be excluded from taxation. Past House Fiscal Agency summaries of previous bills reported that the effective state tax rate would be 5.3 percent, on top of any federal estate tax.
- Referred to the House Tax Policy Committee on September 23, 2009.
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1) Re: 2009 House Bill 5455 (Establish permanent estate tax ) by gypsy on November 23, 2009Money isn't taxed, people are. The deceased person paid taxes on the money when they earned it, now the person inheriting it, (much easier than earning it) pays tax on it. Money goes around and around in our economy, and people pay taxes on it. The carpenter you hire to build your house with the money you earned and paid taxes on, has to pay taxes on it when he earns it, from you. See how that works?
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[quote user="gypsy"]Those fortunate enough to inherit wealth should.[/quote]
Regardless, the money in the estate has already been taxed and should not be taxed again just because it is being transfered to someone else.
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[quote user="Michiganian"] How can anyone presume that a person who accumulated wealth did not earn it? [/quote]
The estate tax is paid by the person inheriting the wealth, not the person who earned it and is dead. Therefore there is no need to presume the person paying the tax didn't earn the wealth, it's a fact. Contrary to those calling this a "death tax", dead people don't pay taxes. Those fortunate enough to inherit wealth should.
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