Advertisement
HomeCollectionsEstate Taxes
IN THE NEWS

Estate Taxes

FEATURED ARTICLES
NEWS
January 1, 2014
One particular reality that Maryland's confiscatory estate and inheritance taxes ignore is that seniors are mobile and are no longer tied to the state by employment ( "Maryland in disequilibrium," Dec. 29). Thus, Maryland loses not only the estate taxes when seniors move, but the income and sales taxes as well. Talbot County has been hard hit by seniors changing their domicile to more tax-friendly locales, a trend that will continue until our lawmakers wake up. John W. Pettit, Easton - To respond to this letter, send an email to talkback@baltimoresun.com . Please include your name and contact information.
ARTICLES BY DATE
NEWS
By Scott Dance and Justin George and The Baltimore Sun | September 18, 2014
The widow of Baltimore author Tom Clancy is battling her late husband's lawyer over $6 million in taxes she says she shouldn't owe on her share of Clancy's $82 million estate, which includes a World War II tank, a $65 million stake in the Orioles and a mansion on the Chesapeake Bay. Alexandra Clancy is seeking to oust Baltimore lawyer J.W. Thompson "Topper" Webb as executor of Tom Clancy's will, accusing Webb of a mistake that adds unnecessarily to...
Advertisement
NEWS
By Michael Dresser, The Baltimore Sun | March 20, 2014
Wealthy Marylanders would get a posthumous tax break under legislation passed Thursday by the General Assembly in the hope of keeping millionaires from fleeing to other states. The state Senate gave final approval to a measure long sought by Republicans to slash the taxes that are levied on estates. The legislation would do that by gradually raising the portion of an estate that is exempt from taxation. By the end of the decade, the bill would cut the number of estates that pay the tax each year by more than 80 percent.
NEWS
By Danae King, The Baltimore Sun | June 30, 2014
Maryland joins at least a dozen other states Tuesday in banning the sale of 190-proof grain alcohol, a measure that lawmakers hope will help to reduce sexual assaults and binge drinking among college students. The bill is one of more than 200 that go into effect Tuesday; other bills expand the earned income tax credit for low-income residents and exempt more wealthy Marylanders from the estate tax, overhaul Baltimore City liquor board practices and establish incentives to encourage investment in research universities.
NEWS
January 24, 2012
Your Jan. 17 editorial, "Death and farming," misses much of the big picture. If few farm families are taking advantage of a pilot tax program, perhaps it is not because tax relief is not needed. Rather, it may indicate that in many cases the mere deferment (for seven years) of the state's part of a crushing state and federal estate tax burden is of insufficient help to the cash-poor heirs of family farms. A big picture should include that Maryland's estate tax rate of approximately 16 percent is much higher than that of most states (and many states have no inheritance tax)
BUSINESS
By EILEEN AMBROSE | June 10, 2001
THE REPEAL OF the federal estate tax, included in the $1.35 trillion tax cut, will make estate planning more complicated than ever for many, experts say. Over the next 10 years, the amount of assets individuals can shelter from estate taxes rises and the top tax rate declines. The estate tax is fully repealed in 2010, but the law carries a "sunset" provision under which the tax will reappear in 2011 unless Congress takes action. Lawyers and other estate planning experts warn not to count on Congress' keeping the tax repeal.
NEWS
By Jeff Jacoby | June 22, 2000
BOSTON --For naked class warfare, it is hard to beat the estate tax. "If we were to give a prize for the single worst idea to come forward from a group that's been rife with them, it would be this," fumed Rep. Barney Frank, D-Mass., as the House voted by a healthy margin to phase out the federal tax on inheritances. "Their idea is this: `Let's make the tax code of America better for very rich people. Let's give substantial tax relief to the richest people we can find.'" Does Mr. Frank really believe that?
BUSINESS
By JANE BRYANT QUINN | February 4, 2001
Congress wants to end the federal estate tax. That's the tax paid when children and others inherit a large amount of money. President Clinton vetoed repeal, saying it was merely a break for the rich. President Bush favors repeal or at least a big reduction in the tax. So conditions currently favor a reduction, at the very least. Two questions arise: Would you be affected by an estate-tax cut, and if so, is there something you should be doing now? The first thing to know is that few Americans pay estate taxes.
BUSINESS
By Gene Austin and Gene Austin,Knight-Ridder News Service | September 15, 1991
"Digging for Gold in Your Own Back Yard" is the intriguing title of a new book about how homeowners can try to lower their real estate taxes. According to promotional material accompanying the book, owners who present a "well-documented" case have an 80 percent chance of winning a tax reduction."Digging for Gold," by Gary Whalen ($19.95 paperback, R.E.I. Press), takes a step-by-step approach to appealing a tax assessment.It starts with sections on understanding how tax bills are determined, and outlining a procedure for determining whether an assessment should be challenged.
BUSINESS
By Liz Pulliam Weston and Liz Pulliam Weston,LOS ANGELES TIMES | August 19, 2001
I am 72 and my husband is 82. We have $1.5 million in certificates of deposit and money market accounts. We rent, and own no property or stocks or bonds. A young man has become very friendly with my husband over the last year. He has told my husband that he has a friend who, for $15,000 or more, will set up papers for us so the remaining spouse will not have to pay inheritance tax. He said if we don't have these papers drawn up, the surviving spouse will not be able to take any money from any accounts.
NEWS
March 28, 2014
It was with a mixture of disappointment and dismay that I read your editorial on the estate tax ( "The $431 million payoff," March 21). It seems The Sun promotes those in the greedy state of Maryland who continue to look for ways to tax us to death, or in this case, benefit from our death. Raising the exemption for the estate tax to $5 million - or tying it to the federal level, which is just over $5 million and pegged to inflation - is not the horrendous injustice that this article proclaims.
NEWS
By Michael Dresser, The Baltimore Sun | March 20, 2014
Wealthy Marylanders would get a posthumous tax break under legislation passed Thursday by the General Assembly in the hope of keeping millionaires from fleeing to other states. The state Senate gave final approval to a measure long sought by Republicans to slash the taxes that are levied on estates. The legislation would do that by gradually raising the portion of an estate that is exempt from taxation. By the end of the decade, the bill would cut the number of estates that pay the tax each year by more than 80 percent.
NEWS
By Timothy B. Wheeler, The Baltimore Sun | March 7, 2014
The House of Delegates overwhelmingly approved Friday a reduction in Maryland's estate tax, after a debate over whether it's a windfall for millionaires or a boon for middle-class families. By a vote of 120 to 13, delegates passed a bill cosponsored by members of both parties that would gradually increase the amount of a deceased person's estate deemed exempt from taxation. The amount shielded from tax would grow from $1 million this year to $4 million by 2018. Del. Heather Mizeur, a Montgomery County Democrat, spoke out against the measure, calling it a five-year, $432 million "giveaway" to wealthy families that she argued would exacerbate income inequality in the state.
NEWS
February 6, 2014
When are the majority of Maryland voters going to wake up and see that the progressive, far left politicians in our state care only about the rich, not the middle class and certainly not the poor? When our elected officials have an opportunity to perhaps lower taxes on the ones who can least afford to pay, what do they do? They plan a cut in estate taxes so the millionaires can leave more money for their families ("Estate tax relief seems on track in Annapolis," Feb. 2). How does that help the middle class and the poor?
NEWS
By Michael Dresser, The Baltimore Sun | February 2, 2014
At a time when income inequality is one of the nation's most-discussed issues, the tax that appears to have the best chance of being cut in heavily Democratic Maryland this year is one that is only paid by millionaires. Senate President Thomas V. Mike Miller and House Speaker Michael E. Busch, both Democrats, have joined to support a reduction in the estate tax by gradually raising the amount of money that is exempt. In doing so, the Democratic leadership of the General Assembly is co-opting an issue that long has been championed by Republicans.
BUSINESS
By Natalie Sherman, The Baltimore Sun | January 27, 2014
Democratic legislative leaders gave partial support Monday to a push to raise the minimum wage, with some reiterating unwillingness to impose a "one size fits all" increase across the state. They provided few other clues as to how they will respond to Gov. Martin O'Malley's call to lift the state's minimum pay from $7.25 an hour to $10.10 by 2016, with future increases tied to inflation. "That's a debate we will have in committee," House Speaker Michael E. Busch said Monday at a breakfast for business leaders hosted by the Greater Baltimore Committee.
NEWS
By Jonathan Weisman and Jonathan Weisman,SUN NATIONAL STAFF | December 1, 1999
WASHINGTON -- Courting accusations of economic recklessness from Democrats and fiscal timidity from his Republican rivals, George W. Bush will unveil today an economic plan that includes modest reductions in tax rates, an end to estate taxes and a reduction in the "marriage penalty" levied on some two-income couples.The Republican presidential front-runner is already facing criticism from his Republican foes that his proposal is far too modest, because he has rejected the sweeping changes to the tax code that other candidates have embraced.
BUSINESS
By Eileen Ambrose and Eileen Ambrose,SUN STAFF | February 3, 2001
Congratulate accountants. Don't worry too much about lawyers. And you might want to give condolences to some insurance agents. These are some of the winners and losers if federal estate and gift taxes are repealed as now being proposed in Congress. The repeal has widespread support. A Gallup survey last year found 60 percent of Americans polled favored a repeal of the tax. Few people actually pay estate taxes because estates of $675,000 or less are exempt. Of the 2.3 million adults who died in 1998, only 41,331 estate tax returns were filed, or 1.79 percent, according to the latest figures from the Internal Revenue Service.
NEWS
January 23, 2014
Your recent editorial on Maryland's estate tax linked the discussion about increasing the minimum wage to the issue of estate and inheritance taxes ( "Settling the estate tax," Jan. 16). I support both an increase in the minimum wage and a decrease in the estate tax for the same underlying reasons. I believe in the value of people being self-sustaining and not being overly dependent on the government, although obviously this is not possible for all. An increase in the minimum wage will reduce the number of people dependent on government support.
Baltimore Sun Articles
|
|
|
Please note the green-lined linked article text has been applied commercially without any involvement from our newsroom editors, reporters or any other editorial staff.