Proposal: Double Estate Tax to Help Pay for Student Aid

The Olympian reports that Washington state Rep. Maralyn Chase introduced a bill on Friday that would double the state's estate tax.  HB 3184 would double the rate on estates valued at less than $1 million from 10 to 20 percent.  Estates valued at over $9 million would have rates increase from 19 percent to 38 percent.  The new rate increases would apply to the estates of those who die after April 1.  Half of the increased revenue would go into an "education legacy" fund for student aid and the rest would go into the general fund.

Posted by Patrick Siegfried, Associate Editor, Wealth Strategies Journal.