Rachel Sheedy reports for Kiplinger that the state-level estate tax continues to evaporate from the United States of America:
Delaware is one of the latest states to bury its estate tax, which snared estates exceeding $5.49 million last year but has completely disappeared. New Jersey, too, has ditched its estate tax altogether, after hiking its exemption to $2 million in 2017 from its notoriously low, longtime exemption of $675,000.
That leaves 12 states (plus the District of Columbia) with state estate taxes on the books. And many of them are hiking exemptions for 2018, sparing more families from a tax bill when a loved one pass
So, the question on the table has become: Will Rhode Island be the last state to slough off this relic of political philosophy that stands in the way of Americans who wish to improve their families’ lot and keep wealth churning throughout society?