D.C. Council Moves to Lower the Estate Tax Exemption

During a virtual budget meeting today, the D.C. Council approved a series of tax increases for the upcoming fiscal year (beginning October 1) in an effort to fund to a range of social services including housing vouchers, assistance to undocumented immigrants, and mental health treatment in schools.

While the council rejected a proposal to raise the income tax on high income earners, they approved an amendment to lower the threshold for imposing estate taxes from $5.6 million to $4 million, which would generate an estimated $1.8 million for the city.

The proposed changes also include a dime-per-gallon hike in the gas tax, a 3% tax on the sales of advertising and personal information, delaying a tax break for publicly traded corporations, and cutting a tax break for technology companies.

There will be another vote on the budget before it is finalized. Stay tuned!

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