Hearing Alert 2/6: Estate Tax Cut (HB 2301)

Thursday hearing on estate tax cut bill House Bill 2301 (HB 2301)
By Taxpayers Association of Oregon
OregonWatchdog.com

On Thursday, Feb 6th, The House Revenue Committee is having a hearing on HB 2301 which aims to reduce the Estate Tax by creating a higher exemption level at $7 million. Right now it is set at $1 million.   You can testify in person or online by going to the committee webpage here.

Here is our testimony in favor of HB 2301:

Please vote yes on House Bill 2301:

“Don’t Die in Oregon!”
One for the Money podcast
10/12/24

“Middle-to-high-income residents
are relocating to Clark County from Portland …
data shows that SW Washington has boomed.”
KOIN-TV 6  4/15/24

The word is out nationwide that Oregon is a terrible place to die or retire because, in part, our state has such a high estate tax.

The numbers behind the “Don’t die in Oregon!” warning are proving to be true. KOIN TV 6 reports that economic data shows people leaving Oregon because of our high taxes. Note that the people leaving are higher-income people. Among these are people who are avoiding the estate tax.

Estate taxes are a form of double taxation — taxing them a second time is unfair.

Estate taxes promote consumption over investment by rewarding a “die-broke” mentality.  We want children to build and grow upon what their parents have given them.  One Bank of America study showed that only 27% of wealthy households accumulated wealth through inheritance. It is hard to pass down family prosperity; we should encourage this, not discourage it.

Estate taxes hit families at the worst possible time.  An early death of a business owner or a property manager by itself creates tremendous pain, chaos, and disruptions not only to the businesses but to the families trying to save these businesses while also grieving and dealing with a setback.

Please vote YES on  HB 2301.