We call on the Obama Administration work with the Legislature to REMOVE the $6million inheritance tax cap.
Right now, inherited income is only taxed to on the first $6million, regardless of how much is inherited. This is a law that only benefits the already wealthy and creates a disparity between income brackets.
Lottery winnings, gambling winnings, gifts or income over $6million are eligible for taxation. It is only inherited wealth that is given this "free-pass" and this should no longer be allowed.
Income inherited is "new" income to those who receive it, and as such, should be taxed for its full amount.