Connecticut Senate Bill SB00150

Connecticut 2019 Regular Session

• Introduced: 1/22/19
• Refer: 1/22/19

Caption

An Act Phasing Out The Estate Tax.

Impact

The proposed phase-out of the estate tax could lead to significant changes in state revenue, particularly as estate taxes can be a notable source of income for state budgets. By eliminating the estate tax, the state may reduce its ability to fund various public services that typically benefit from such tax revenues. Supporters of the bill argue that this phase-out will promote economic growth by allowing affluent individuals to pass on their wealth without taxation, potentially stimulating investment and spending within the state economy.

Summary

SB00150 is a proposed bill aimed at phasing out the estate tax, which affects the transfer of wealth after an individual's death. The bill's introduction reflects a growing trend among various states to eliminate or reduce taxes that affect individuals' estates, which are often seen as a burden on families dealing with financial planning for inheritances. Senator Haskell from the 26th District introduced the bill, which has been referred to the Finance, Revenue And Bonding Committee for further consideration.

Contention

The bill may generate debate regarding its fairness and implications on wealth inequality. Critics of the estate tax argue that it penalizes individuals for accumulating wealth and can hinder financial planning. However, opponents of the phase-out may raise concerns about the loss of revenue for state-funded programs and the ethical implications of allowing substantial wealth to transfer untaxed to heirs. This contention highlights the ongoing discussion about how best to balance tax policy with the need for social equity and public funding.