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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: 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: Michael J. Graetz Publisher: Princeton University Press ISBN: 1400839181 Category : Political Science Languages : en Pages : 387
Book Description
This fast-paced book by Yale professors Michael Graetz and Ian Shapiro unravels the following mystery: How is it that the estate tax, which has been on the books continuously since 1916 and is paid by only the wealthiest two percent of Americans, was repealed in 2001 with broad bipartisan support? The mystery is all the more striking because the repeal was not done in the dead of night, like a congressional pay raise. It came at the end of a multiyear populist campaign launched by a few individuals, and was heralded by its supporters as a signal achievement for Americans who are committed to the work ethic and the American Dream. Graetz and Shapiro conducted wide-ranging interviews with the relevant players: members of congress, senators, staffers from the key committees and the Bush White House, civil servants, think tank and interest group representatives, and many others. The result is a unique portrait of American politics as viewed through the lens of the death tax repeal saga. Graetz and Shapiro brilliantly illuminate the repeal campaign's many fascinating and unexpected turns--particularly the odd end result whereby the repeal is slated to self-destruct a decade after its passage. They show that the stakes in this fight are exceedingly high; the very survival of the long standing American consensus on progressive taxation is being threatened. Graetz and Shapiro's rich narrative reads more like a political drama than a conventional work of scholarship. Yet every page is suffused by their intimate knowledge of the history of the tax code, the transformation of American conservatism over the past three decades, and the wider political implications of battles over tax policy.
Author: Brant J. Hellwig Publisher: Carolina Academic Press LLC ISBN: 9781531012182 Category : Gifts Languages : en Pages : 0
Book Description
Understanding Estate and Gift Taxation is designed primarily for use by law students taking a course on the United States transfer tax system, i.e., a course on the estate, gift, and generation-skipping transfer taxes. The book consists of 26 chapters, each addressing one of the basic topics typically covered in a course on the transfer tax system, including the computation of estate, gift, and generation-skipping transfer taxes; the gift tax annual exclusion; the estate and gift tax marital deductions; and the estate and gift tax implications of transfers with retained powers or interests. Because the Internal Revenue Code and Treasury Regulations are the primary source materials for the transfer tax system, the book includes numerous excerpts of those provisions. Each chapter also includes summaries of the leading cases and IRS rulings, plus examples of how this area of the law applies to common fact patterns. Understanding Estate and Gift Taxation is designed primarily for law students, but it is also intended to be useful to practitioners, including generalists who need a relatively brief summary of an estate and gift tax topic, beginning lawyers who intend to specialize in estate and gift taxation and estate planning, and experienced lawyers who wish to expand their practices into estate and gift taxation and estate planning. The book similarly would be useful to accountants who practice in these areas.
Author: Joseph M. Dodge Publisher: Aspen Publishing ISBN: 1454860421 Category : Law Languages : en Pages : 679
Book Description
This book deals with the federal income tax as it bears on gratuitous transfers and with the federal wealth transfer taxes. The federal wealth transfer taxes presently consist of a partially unified estate and gift tax and a generation-skipping tax. The federal transfer tax system is separate and apart from the federal income tax. Features: Emphasis on text, statutes, and regulations, rather than cases (especially cases that involve routine application of law to facts) "Building block" organization (simple to complex estates), rather than segmented organization according to Code sections. Extensive use of questions and problems to aid students High-profile authorship in Joseph M. Dodge (a highly regarded tax specialist), Wendy C. Gerzog, and Bridget J. Crawford (both well-established in the field) The book reconstitutes the Estate and Gift tax course from the ground up in light of modern estates practice. For example, special valuation rules are treated as basic, as opposed to being just "tacked on" as other books treat them. More emphasis on valuation and use of FLPs than in other books. Valuation is introduced early on and integrated with other material Integration of related income tax materials, including income taxation of estates and trusts Relation of tax doctrine to tax planning strategies Focus on doctrine that influences the practice of estate and trust law, rather than doctrine for its own sake Reference to state law (including recent developments) as it bears on transfer tax issues, with full coverage of issues raised by community property systems
Author: Kevin M. Yamamoto Publisher: West Academic ISBN: 9780314153159 Category : Law Languages : en Pages : 506
Book Description
The modern federal wealth transfer tax regime traces back to the Revenue Act of 1916. Today, the federal wealth transfer tax regime consists of three separate taxes: (1) the federal estate tax; (2) the federal gift tax; and (3) the federal generation-skipping transfer tax. All three taxes are excises imposed on the gratuitous transfer of wealth by individuals. Yamamoto and Donaldson's Black Letter Outline on Federal Wealth Transfer Taxes thoroughly covers and explains all three types of federal wealth transfer taxes.
Author: Michael E. Bell Publisher: Lincoln Inst of Land Policy ISBN: 9781558442061 Category : Business & Economics Languages : en Pages : 299
Book Description
This book examines the issues and consequences of a declining property tax base with respect to local government autonomy. Some of the nation's leading scholars provide their views on how the property tax effects intergovernmental relations, local autonomy, and education finance. --from publisher description
Author: David Joulfaian
Author: David Joulfaian
Author: United States. Congressional Budget Office
Author: William G. Gale
Author: Michael J. Graetz
Author: Brant J. Hellwig
Author: Joseph M. Dodge
Author: David Westfall
Author: Kevin M. Yamamoto
Author: Michael E. Bell
Author: Anne-Marie Rhodes