Other States Take Lead on Estate Taxes

Times-Dispatch
David M. Long

Editor:

A letter-writer complained bitterly about the recent General Assembly decision effectively to eliminate the estate tax in Virginia. This reader and other opponents of repeal lose sight of the fact that there is an element of competition involved here.

The fact is that many other states have eliminated this tax. Virginia's estate tax rate was in the mid-teens percentage-wise -- not an immaterial figure. To the very wealthy people, who can easily pick up and move, this represents a substantial penalty to pay for the privilege of living in Virginia when they can move to any of a number of other nice places and not have to worry about this tax.

These people are critical to the economic health of the Commonwealth, both to the private sector and to the local and state government constituencies to which they pay plenty of other taxes.

David M. Long
Richmond