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Author:
Publisher:
ISBN:
Category : Estate planning
Languages : en
Pages : 67
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Book Description
Author:
Publisher:
ISBN:
Category : Estate planning
Languages : en
Pages : 67
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Book Description
Author: David Joulfaian
Publisher: MIT Press
ISBN: 026255111X
Category : Business & Economics
Languages : en
Pages : 213
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Book Description
A comprehensive and accessible account of the U.S. estate tax, examining its history and evolution, structure and inner workings, and economic consequences. Governments have been levying some form of inheritance tax since the ancient Egyptians did so in the seventh century BC. In the United States, the federal government experimented with various forms of inheritance taxes, settling on an estate tax in 1916 and a gift tax in 1932. Despite this long history, there are few empirical studies of the federal estate tax. This book offers the first comprehensive look at U.S. estate and inheritance taxes, examining their history and evolution, structure and inner workings, and economic consequences. Written by David Joulfaian, a veteran economist at the U.S. Department of the Treasury, the book provides accessible accounts of such topics as changes in tax laws, issues of equity, the fiscal contribution of the estate tax, and its behavioral effects. Joulfaian traces the evolution of U.S. inheritance taxes from 1797 to the present, noting that the estate tax rate and base expanded through 1976, then began to decline. He describes the tax itself, explaining that it currently applies to estates and gifts in excess of $11.18 million, and outlines applicable deductions and credits. He sketches a profile of taxpayers and their beneficiaries; surveys the revenues from estate and gift taxes; and discusses the effect of estate taxation on labor decisions, saving and wealth accumulation, charitable giving, life insurance ownership, and other economic activities. Finally, he addresses criticisms of the estate tax and analyzes its shortcomings. Accompanying tables present a wealth of data gathered by Joulfaian in his research and not available elsewhere.
Author: Marilyn W. McWilliams
Publisher: Bradford Publishing Company
ISBN: 1932779884
Category : Law
Languages : en
Pages : 210
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Book Description
Author: Francis J. Antonucci
Publisher: ALI-ABA
ISBN: 9780831808532
Category : Decedents' estates
Languages : en
Pages : 316
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Book Description
Advice for lawyers who handle the taxation of the estates of decedents.
Author: United States. Congressional Budget Office
Publisher:
ISBN:
Category : Family farms
Languages : en
Pages : 60
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Book Description
Author: William G. Gale
Publisher: Rowman & Littlefield
ISBN: 9780815719861
Category : Business & Economics
Languages : en
Pages : 544
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Book Description
Although estate and gift taxes raise a small fraction of federal revenues, they have become sources of increasing political controversy. This book is designed to inform the current policy debate and build a conceptual basis for future scholarship. The book contains eleven original studies of estate and gift taxes, along with discussants' comments. The essays provide background and historical information; analyze the optimal taxation of estates and gifts; examine the effects of the tax on charitable contributions, saving behavior, the distribution and level of wealth, tax avoidance and tax evasion; and explore the effects of alternatives to estate taxation.
Author:
Publisher:
ISBN:
Category : Estate planning
Languages : en
Pages : 67
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Book Description
Author: Samuel D. Brunson
Publisher:
ISBN:
Category :
Languages : en
Pages : 35
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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.
Author: United States. Internal Revenue Service
Publisher:
ISBN:
Category : Individual retirement accounts
Languages : en
Pages : 284
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Book Description
Author:
Publisher:
ISBN:
Category : Income tax deductions for medical expenses
Languages : en
Pages : 20
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Book Description
