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Article: Estate Owners Argue Say Virginia's Inheritance Tax Unfair.
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- April 1, 2003
CopyrightCOPYRIGHT 2003 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Daily Press, Newport News, Va. Knight Ridder/Tribune Business News
Apr. 1--CHESAPEAKE, VA--For the past 50 years, Chesapeake farmer Lyle Pugh has worked hard to build a farming legacy that can pass to his son after he dies.
But if the state's inheritance tax stands, Pugh's son could lose more than one-third of the value of his father's $1 million-plus farm to the government.
Farmers like Pugh, and others with sizable estates, argue that the state's inheritance tax, often called the "death tax," is unfair because it taxes heirs on assets just because someone has died and on assets that have already been taxed.
Pugh, who farms 500 ...