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This makes no sense. There is also no point in starting a (for profit) business except to make profit. Neither inheritance nor profit are eliminated by taxes -
by happytoexplain 6y ago
This makes no sense. There is also no point in starting a (for profit) business except to make profit. Neither inheritance nor profit are eliminated by taxes - they are reduced.
- cjlars 6y agoFor assets not taking advantage of the step up basis in New York (e.g. small business profits) the tax rate would be ~50% federal and state in the year earned, plus 56% federal and state when you pass. That's an overall rate of 78%... I'm not sure "reduced" is the right word here.