Author: Samuel D. Brunson
Publisher:
ISBN:
Category :
Languages : en
Pages : 35
Book Description
More than a century ago, Congress enacted the modern estate tax to help pay for World War I. Unlike previous iterations of the estate tax, though, this one outlived the war and accumulated additional goals beyond merely raising revenue. The estate tax helped ensure the progressivity of the tax system as a whole, and it limited the hereditary ability to accumulate wealth.This modern estate tax almost instantly met with opposition, though. The opposition has never been sufficient to entirely eliminate the estate tax, but it has severely weakened its ability to raise revenue and to prevent the accumulation of wealth. As a result, today's estate tax is functionally a zombie: it accounts for less than one percent of federal revenues and does little to prevent the accumulation of wealth among a small group of citizens. The estate tax largely serves to evoke fear and costly tax planning, but it only manages to bite the largest and slowest estates.Although the estate tax has proven hard to kill, it is time for Congress to end it definitively, and transfer its functions as revenue-raiser and impediment to wealth accumulation to the income tax. To effect that transfer, Congress needs to do three things: first, it should treat death as a realization event, and tax estates on their assets' unrealized appreciation. Second, it should treat the receipt of an inheritance as gross income in the hands of heirs, thereby requiring heirs to pay income tax on their inheritance. Third, Congress should eliminate the step-up in basis, and instead assign basis to inherited property under ordinary basis rules. By making these three changes, Congress can put to rest the zombie estate tax, while, at the same time, revivifying taxation at death.
Afterlife of the Death Tax
Author: Samuel D. Brunson
Publisher:
ISBN:
Category :
Languages : en
Pages : 35
Book Description
More than a century ago, Congress enacted the modern estate tax to help pay for World War I. Unlike previous iterations of the estate tax, though, this one outlived the war and accumulated additional goals beyond merely raising revenue. The estate tax helped ensure the progressivity of the tax system as a whole, and it limited the hereditary ability to accumulate wealth.This modern estate tax almost instantly met with opposition, though. The opposition has never been sufficient to entirely eliminate the estate tax, but it has severely weakened its ability to raise revenue and to prevent the accumulation of wealth. As a result, today's estate tax is functionally a zombie: it accounts for less than one percent of federal revenues and does little to prevent the accumulation of wealth among a small group of citizens. The estate tax largely serves to evoke fear and costly tax planning, but it only manages to bite the largest and slowest estates.Although the estate tax has proven hard to kill, it is time for Congress to end it definitively, and transfer its functions as revenue-raiser and impediment to wealth accumulation to the income tax. To effect that transfer, Congress needs to do three things: first, it should treat death as a realization event, and tax estates on their assets' unrealized appreciation. Second, it should treat the receipt of an inheritance as gross income in the hands of heirs, thereby requiring heirs to pay income tax on their inheritance. Third, Congress should eliminate the step-up in basis, and instead assign basis to inherited property under ordinary basis rules. By making these three changes, Congress can put to rest the zombie estate tax, while, at the same time, revivifying taxation at death.
Publisher:
ISBN:
Category :
Languages : en
Pages : 35
Book Description
More than a century ago, Congress enacted the modern estate tax to help pay for World War I. Unlike previous iterations of the estate tax, though, this one outlived the war and accumulated additional goals beyond merely raising revenue. The estate tax helped ensure the progressivity of the tax system as a whole, and it limited the hereditary ability to accumulate wealth.This modern estate tax almost instantly met with opposition, though. The opposition has never been sufficient to entirely eliminate the estate tax, but it has severely weakened its ability to raise revenue and to prevent the accumulation of wealth. As a result, today's estate tax is functionally a zombie: it accounts for less than one percent of federal revenues and does little to prevent the accumulation of wealth among a small group of citizens. The estate tax largely serves to evoke fear and costly tax planning, but it only manages to bite the largest and slowest estates.Although the estate tax has proven hard to kill, it is time for Congress to end it definitively, and transfer its functions as revenue-raiser and impediment to wealth accumulation to the income tax. To effect that transfer, Congress needs to do three things: first, it should treat death as a realization event, and tax estates on their assets' unrealized appreciation. Second, it should treat the receipt of an inheritance as gross income in the hands of heirs, thereby requiring heirs to pay income tax on their inheritance. Third, Congress should eliminate the step-up in basis, and instead assign basis to inherited property under ordinary basis rules. By making these three changes, Congress can put to rest the zombie estate tax, while, at the same time, revivifying taxation at death.
After Death Tax Planning
Author: Jerry A. Kasner
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 160
Book Description
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 160
Book Description
After Death Tax Planning
Author: Francis J. Antonucci
Publisher: ALI-ABA
ISBN: 9780831808532
Category : Decedents' estates
Languages : en
Pages : 316
Book Description
Advice for lawyers who handle the taxation of the estates of decedents.
Publisher: ALI-ABA
ISBN: 9780831808532
Category : Decedents' estates
Languages : en
Pages : 316
Book Description
Advice for lawyers who handle the taxation of the estates of decedents.
Life After Death (tax)
Author:
Publisher:
ISBN:
Category : Estate planning
Languages : en
Pages : 67
Book Description
Publisher:
ISBN:
Category : Estate planning
Languages : en
Pages : 67
Book Description
Death Taxation in the American States
Author: Calvin A. Kent
Publisher:
ISBN:
Category : Inheritance and transfer tax
Languages : en
Pages : 210
Book Description
Publisher:
ISBN:
Category : Inheritance and transfer tax
Languages : en
Pages : 210
Book Description
Post-mortem Tax Planning
Author: Jerry A. Kasner
Publisher: McGraw-Hill Companies
ISBN:
Category : Business & Economics
Languages : en
Pages : 1480
Book Description
This looseleaf volume covers post-death planning for income taxes & special deductions, payments of debts & expenses, & distributions to beneficiaries. The "QTIP" election & the rewriting of the plan after death through the use of disclaimers is discussed in detail.
Publisher: McGraw-Hill Companies
ISBN:
Category : Business & Economics
Languages : en
Pages : 1480
Book Description
This looseleaf volume covers post-death planning for income taxes & special deductions, payments of debts & expenses, & distributions to beneficiaries. The "QTIP" election & the rewriting of the plan after death through the use of disclaimers is discussed in detail.
After Death Tax Planning
Author: Francis J. Antonucci
Publisher:
ISBN: 9780831808679
Category :
Languages : en
Pages :
Book Description
Updated advice for lawyers who handle the taxation of the estates of decedents.
Publisher:
ISBN: 9780831808679
Category :
Languages : en
Pages :
Book Description
Updated advice for lawyers who handle the taxation of the estates of decedents.
Death as a Taxable Event and Its International Ramifications
Author: Association fiscale internationale. Congress (64 : 2010 : Roma)
Publisher:
ISBN: 9789012383363
Category : Conflict of laws
Languages : en
Pages : 906
Book Description
Publisher:
ISBN: 9789012383363
Category : Conflict of laws
Languages : en
Pages : 906
Book Description
Death and Taxes
Author: Richard E. Wagner
Publisher:
ISBN:
Category : Law
Languages : en
Pages : 80
Book Description
Aunt Possum receives an unexpected Halloween visit from the pumpkin man.
Publisher:
ISBN:
Category : Law
Languages : en
Pages : 80
Book Description
Aunt Possum receives an unexpected Halloween visit from the pumpkin man.
Euthanasia for Death Duties
Author: Barry Bracewell-Milnes
Publisher: Institute of Economic Affairs
ISBN:
Category : Business & Economics
Languages : en
Pages : 170
Book Description
Death duties are a minor source of revenue to the British Exchequer. This work analyses the traditional criticism of death duties and adds some arguments based on the concept of saving in perpetuity - saving which is never drawn down, whether or not it was initially planned as perpetual.
Publisher: Institute of Economic Affairs
ISBN:
Category : Business & Economics
Languages : en
Pages : 170
Book Description
Death duties are a minor source of revenue to the British Exchequer. This work analyses the traditional criticism of death duties and adds some arguments based on the concept of saving in perpetuity - saving which is never drawn down, whether or not it was initially planned as perpetual.