SALEM, Ore. (AP) — Oregon would have one of the highest estate tax rates in the nation under a proposed bill in the Legislature that opponents say could actually help them eliminate the tax.
The Oregonian reports that Oregon is one of about 20 states that still taxes estates inherited after a death, starting with estates valued at more than $1 million. The federal government taxes inherited estates after the first $5 million.
The proposed bill would raise the top rate on estate taxes in Oregon to nearly 20 percent.
Former state lawmaker Kevin Mannix has been working to eliminate the Oregon estate tax. He says the proposed increase could be enough to convince voters to finally do away with the tax.
Information from: The Oregonian, http://www.oregonlive.com