“Nothing is certain except death and baldness.” The tweak of Ben Franklin’s famous observation isn’t ours, rather Sir Sean Connery’s as a response to whether or not he was a shoo-in for the Academy Award for “The Untouchables.” It’s April, so we’ll add taxes back in.
An interesting dichotomy is shaping up for 2012. The president has indicated he wants to raise taxes at the federal level for wealthy individuals. Possibly in anticipation of such a move, states are introducing legislation to counteract or at least blunt the president’s intended impact. A cursory glance at The Tax Foundation’s tax policy blog provides examples.
The Indiana legislature recently approved a plan to eliminate that most controversial of controversial taxes, the one on inheritances. If Gov. Mitch Daniels signs the bill, S.B. 293, the tax will be gradually phased down and finally eliminated in 2021.
“In addition to the phase-down, the exemption level is immediately increased from $100,000 to $250,000,” according to authors Mark Robyn and Jordan King.
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On March 9, the Florida senate unanimously voted to put personal property tax cuts on the ballot. H.J.R. 1003 will raise the state’s personal property tax exemption from $25,000 to $50,000.