Posts tagged: estate tax. Bracken decision
OLYMPIA — A bill that would fix what some believe is a loophole in the estate tax created by a state Supreme Court ruling passed a House committee Wednesday. Supporters said it would provide fairness to the state tax system by requiring the wealthiest residents to help pay for education, while opponents denounced it as “picking at the carcasses of dead people.”
On an 8-3 vote, the House Finance Committee approved a bill that would retroactively apply the state's estate tax on property for high-income residents who put their property in a type of trust known as a qualified terminal interest property or QTIP trust.
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