Author: David Joulfaian Publisher: MIT Press ISBN: 026255111X Category : Business & Economics Languages : en Pages : 213
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: William G. Gale Publisher: Rowman & Littlefield ISBN: 9780815719861 Category : Business & Economics Languages : en Pages : 544
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: Alan J. Auerbach Publisher: Oxford University Press ISBN: 0190619740 Category : Business & Economics Languages : en Pages : 401
Book Description
The debates about the what, who, and how of tax policy are at the core of politics, policy, and economics. The Economics of Tax Policy provides a straightforward overview of recent research in the economics of taxation. Tax policies generate considerable debate among the public, policymakers, and scholars. These disputes have grown more heated in the United States as the incomes of the wealthiest 1 percent and the rest of the population continue to diverge. This important volume enhances understanding of the implications of taxation on behavior and social outcomes by having leading scholars evaluate key topics in tax policy. These include how changes to the individual income tax affect long-term economic growth; the challenges of tax administration, compliance, and enforcement; and environmental taxation and its effects on tax revenue, pollution emissions, economic efficiency, and income distribution. Also explored are tax expenditures, which are subsidy programs in the form of tax deductions, exclusions, credits, or favorable rates; how college attendance is influenced by tax credits and deductions for tuition and fees, tax-advantaged college savings plans, and student loan interest deductions; and how tax policy toward low-income families takes a number of forms with different distributional effects. Among the most contentious issues explored are influences of capital gains and estate taxation on the long term concentration of wealth; the interaction of tax policy and retirement savings and how policy can "nudge" improved planning for retirement; and how the reform of corporate and business taxation is central to current tax policy debates in the United States. By providing overviews of recent advances in thinking about how taxes relate to behavior and social goals, The Economics of Tax Policy helps inform the debate.
Author: Daniel Miller Publisher: ISBN: Category : Languages : en Pages : 0
Book Description
The federal government has taxed intergenerational wealth transfers since 1916 through the federal estate, gift and generation-skipping taxes. This analysis examines the arguments for and against the federal estate tax and concludes that the estate tax generates costs to taxpayers, the economy and the environment that far exceed any potential benefits that it might arguably produce. The costs of the estate tax are substantial. First, the existence of the estate tax this century has reduced the stock of capital in the economy by approximately $497 billion, or 3.2 percent. Second, the estate tax is a leading cause of dissolution for family-run businesses. Third, large estate tax bills divert resources from investment and employment and often force families to develop environmentally sensitive land. Conversely, the benefits of the estate tax are small and often overstated. Notably, empirical and theoretical research indicates that the estate tax is ineffective at reducing inequality, and may actually increase inequality of consumption. Moreover, the estate tax raises very little, if any, net revenue for the federal government. In fact, the distortionary effects of the estate tax result in losses under the income tax that are roughly the same size as estate tax revenue.
Author: Jacob A. Hughes Publisher: ISBN: 9781621005162 Category : Inheritance and transfer tax Languages : en Pages : 0
Book Description
The United States tax system includes a tax on assets held at death, the estate tax and the gift tax. Among key components of the estate and gift tax are the definition of its taxable base, tax rate and exemption level. A related argument is that the tax reduces the concentration of wealth and its perceived adverse consequences for society. Critics of the estate and gift tax make two major arguments: the estate and gift tax discourages savings and investments, and the tax imposes an undue burden on closely held family businesses. Critics also suggest that the estate and gift tax is flawed as a method of introducing progressivity because there are many methods of avoiding the tax, methods that are more available to very wealthy families. This book provides an explanation of how the tax operates, analyses the arguments for and against the tax and discusses alternative policy options.
Author: Karl E. Case Publisher: Lincoln Inst of Land Policy ISBN: 9781558441842 Category : Business & Economics Languages : en Pages : 417
Book Description
Based on the work of Karl "Chip" Case, who is renowned for his scientific contributions to the economics of housing and public policy, this is a must read during a time of restructuring our nation's system of housing finance.
Author: David Joulfaian
Author: United States. Congress. Joint Economic Committee
Author: United States. Congressional Budget Office
Author: William G. Gale
Author: Alan J. Auerbach
Author: Dan Miller (Economist)
Author: Daniel Miller
Author: Daniel Miller
Author: Jacob A. Hughes
Author: Karl E. Case