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Delaware and Hawaii allowed their taxes to expire after Congress repealed the credit for state estate taxes, but reenacted the taxes in 2010. Exemption amounts under the state estate taxes vary, ranging from the federal estate tax exemption amount or $5.34 million, indexed for inflation (two states) to $675,000 (New Jersey).
The largest property tax exemption is the exemption for registered non-profit organizations; all 50 states fully exempt these organizations from state and local property taxes with a 2009 study estimating the exemption's forgone tax revenues range from $17–32 billion per year. [53] Exemptions can be quite substantial.
According to data from the Tax Foundation, 45 states and Washington, D.C. collect sales taxes. With state and local sales taxes at 9% or higher, Louisiana, Tennessee, Arkansas, Washington and ...
Even though the fiscal-cliff compromise kept the federal estate tax exemption at its former level of $5 million, many state governments are imposing estate or inheritance taxes on more modest amounts.
In addition to the federal government, many states also impose an estate tax, with the state version called either an estate tax or an inheritance tax. Since the 1990s, the term "death tax" has been widely used by those who want to eliminate the estate tax, because the terminology used in discussing a political issue affects popular opinion. [63]
In addition to federal taxes, many Americans face numerous types of state taxes. Although there are some states that don't have income taxes, all states have some sort of revenue-generating...
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