Reform Of The Estate And Gift Tax System

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Reform of the Estate and Gift Tax System

Author : AICPA NLN
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)

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Book Synopsis Reform of the Estate and Gift Tax System by : AICPA NLN

Download or read book Reform of the Estate and Gift Tax System written by AICPA NLN and published by . This book was released on 2001 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study was developed as a volunteer effort by the Estate Tax Repeal Task Force of the Trust, Estate, and Gift Tax Technical Resource Panel (TRP) and approved by the Tax Executive Committee of the Tax Division of the American Institute of Certified Public Accountants. The study first summarizes the current transfer tax system, next gives an overview of the arguments others have made both for and against the transfer tax, and finally describes a variety of possible modifications and alternatives. With respect to each modification or alternative, the AICPA analyzes the probable impacts on taxpayer behavior, complexity and compliance, liquidity, redistribution of wealth, tax and succession planning, revenue and transition issues, and discusses advantages, concerns, suggestions, and conclusions. Modifications to the current transfer tax system that are analyzed in the study include: - Increasing the applicable exclusion amount and changing its structure; - Altering tax rates and the tax rate structure; - Increasing targeted relief aimed at small businesses and farms; and - Extending and modifying liquidity relief provisions. In addition, the study evaluates four possible alternatives to the current transfer tax system including: - An immediate or phased-in repeal of the transfer tax, with or without a step-up in income tax basis to fair market value at the date of death; - A tax on appreciation at death; - A comprehensive income tax; and - An accessions tax. An appendix to the AICPA study on the results of their estate and gift tax survey is not included here, but can be obtained from the AICPA's Web site, AICPA.org.

General Tax Reform: Estate and gift tax revision

Author : United States. Congress. House. Committee on Ways and Means
Publisher :
ISBN 13 :
Total Pages : 196 pages
Book Rating : 4.3/5 (91 download)

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Book Synopsis General Tax Reform: Estate and gift tax revision by : United States. Congress. House. Committee on Ways and Means

Download or read book General Tax Reform: Estate and gift tax revision written by United States. Congress. House. Committee on Ways and Means and published by . This book was released on 1973 with total page 196 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Rethinking Estate and Gift Taxation

Author : William G. Gale
Publisher : Rowman & Littlefield
ISBN 13 : 9780815719861
Total Pages : 544 pages
Book Rating : 4.7/5 (198 download)

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Book Synopsis Rethinking Estate and Gift Taxation by : William G. Gale

Download or read book Rethinking Estate and Gift Taxation written by William G. Gale and published by Rowman & Littlefield. This book was released on 2011-07-01 with total page 544 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Estate and Gift Tax Reform

Author : American Institute of Certified Public Accountants. Federal Taxation Division
Publisher :
ISBN 13 :
Total Pages : 80 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis Estate and Gift Tax Reform by : American Institute of Certified Public Accountants. Federal Taxation Division

Download or read book Estate and Gift Tax Reform written by American Institute of Certified Public Accountants. Federal Taxation Division and published by . This book was released on 1976 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Major estate and gift tax issues

Author : United States. Congress. Senate. Committee on Finance. Subcommittee on Estate and Gift Taxation
Publisher :
ISBN 13 :
Total Pages : 548 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis Major estate and gift tax issues by : United States. Congress. Senate. Committee on Finance. Subcommittee on Estate and Gift Taxation

Download or read book Major estate and gift tax issues written by United States. Congress. Senate. Committee on Finance. Subcommittee on Estate and Gift Taxation and published by . This book was released on 1981 with total page 548 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Estate and Gift Tax Hearings

Author : United States. Congress. House. Committee on Ways and Means
Publisher :
ISBN 13 :
Total Pages : 212 pages
Book Rating : 4.3/5 (91 download)

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Book Synopsis Estate and Gift Tax Hearings by : United States. Congress. House. Committee on Ways and Means

Download or read book Estate and Gift Tax Hearings written by United States. Congress. House. Committee on Ways and Means and published by . This book was released on 1976 with total page 212 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Federal Estate and Gift Taxes

Author : United States. Congress. House. Committee on Ways and Means
Publisher :
ISBN 13 :
Total Pages : 882 pages
Book Rating : 4.0/5 (18 download)

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Book Synopsis Federal Estate and Gift Taxes by : United States. Congress. House. Committee on Ways and Means

Download or read book Federal Estate and Gift Taxes written by United States. Congress. House. Committee on Ways and Means and published by . This book was released on 1976 with total page 882 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Estate and Gift Taxation Proposals

Author : United States. Congress. Senate. Committee on Finance
Publisher :
ISBN 13 :
Total Pages : 100 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis Estate and Gift Taxation Proposals by : United States. Congress. Senate. Committee on Finance

Download or read book Estate and Gift Taxation Proposals written by United States. Congress. Senate. Committee on Finance and published by . This book was released on 1997 with total page 100 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Summary of H.R.14844 the Proposed Estate and Gift Tax Reform Act of 1976...

Author : U.S. House. Committee on Ways and Means
Publisher :
ISBN 13 :
Total Pages : 16 pages
Book Rating : 4.3/5 (91 download)

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Book Synopsis Summary of H.R.14844 the Proposed Estate and Gift Tax Reform Act of 1976... by : U.S. House. Committee on Ways and Means

Download or read book Summary of H.R.14844 the Proposed Estate and Gift Tax Reform Act of 1976... written by U.S. House. Committee on Ways and Means and published by . This book was released on 1976 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Effects of the Federal Estate Tax on Farms and Small Businesses

Author : United States. Congressional Budget Office
Publisher :
ISBN 13 :
Total Pages : 60 pages
Book Rating : 4.:/5 (319 download)

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Book Synopsis Effects of the Federal Estate Tax on Farms and Small Businesses by : United States. Congressional Budget Office

Download or read book Effects of the Federal Estate Tax on Farms and Small Businesses written by United States. Congressional Budget Office and published by . This book was released on 2005 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt:

New York State Estate and Gift Taxes

Author : New York (State). Department of Taxation and Finance
Publisher :
ISBN 13 :
Total Pages : 84 pages
Book Rating : 4.3/5 (555 download)

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Book Synopsis New York State Estate and Gift Taxes by : New York (State). Department of Taxation and Finance

Download or read book New York State Estate and Gift Taxes written by New York (State). Department of Taxation and Finance and published by . This book was released on 1989 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Federal Gift Tax

Author : David Joulfaian
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)

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Book Synopsis The Federal Gift Tax by : David Joulfaian

Download or read book The Federal Gift Tax written by David Joulfaian and published by . This book was released on 2007 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The gift tax was first enacted in 1924, repealed in 1926, overhauled and reintroduced in 1932. At its peak in fiscal year 1999, it raised $4.6 billion in revenues, before the recent phased-in tax rate reductions ushered by the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) took effect. It is noteworthy that the gift tax was first enacted as a protective measure to minimize estate and income tax avoidance, and not for its direct revenue yield. Similarly, EGTRRA, while phasing out the estate tax, retained the gift tax for the very same reasons. Unlike the estate tax which faces an uncertain future, the gift tax is little affected by recent legislative proposals and will remain part of the tax code for the foreseeable future. Nevertheless, the gift tax has been the subject of little scrutiny and studies of its economic implications are rare. This paper is an attempt to fill this void. It traces the evolution of the gift tax since its inception, and sketches out the structure of the tax and its complex interactions with the income and estate taxes. The paper also provides an overview of the direct fiscal contribution of the gift tax, and traces the number of taxpayers over time as well as their attributes. It concludes with a discussion of the behavioral effects of the gift tax and a review of the scant literature. These include empirical evidence on the choice between gifts and bequests, timing of gifts, and compliance among others.

Additional Estate and Gift Tax Issues

Author : United States. Congress. Senate. Committee on Finance. Subcommittee on Estate and Gift Taxation
Publisher :
ISBN 13 :
Total Pages : 578 pages
Book Rating : 4.0/5 (1 download)

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Book Synopsis Additional Estate and Gift Tax Issues by : United States. Congress. Senate. Committee on Finance. Subcommittee on Estate and Gift Taxation

Download or read book Additional Estate and Gift Tax Issues written by United States. Congress. Senate. Committee on Finance. Subcommittee on Estate and Gift Taxation and published by . This book was released on 1982 with total page 578 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Study on Reform of the Estate and Gift Tax System

Author : American Institute of Certified Public Accountants. Tax Division
Publisher :
ISBN 13 :
Total Pages : 7 pages
Book Rating : 4.:/5 (478 download)

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Book Synopsis Study on Reform of the Estate and Gift Tax System by : American Institute of Certified Public Accountants. Tax Division

Download or read book Study on Reform of the Estate and Gift Tax System written by American Institute of Certified Public Accountants. Tax Division and published by . This book was released on 2001 with total page 7 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Summary of H.R. 14844

Author : United States. Congress. House. Committee on Ways and Means
Publisher :
ISBN 13 :
Total Pages : 16 pages
Book Rating : 4.:/5 (31 download)

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Book Synopsis Summary of H.R. 14844 by : United States. Congress. House. Committee on Ways and Means

Download or read book Summary of H.R. 14844 written by United States. Congress. House. Committee on Ways and Means and published by . This book was released on 1976 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Reform Options for the Estate Tax System

Author : Lily L. Batchelder
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)

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Book Synopsis Reform Options for the Estate Tax System by : Lily L. Batchelder

Download or read book Reform Options for the Estate Tax System written by Lily L. Batchelder and published by . This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This testimony makes three main points. First, inheritances tend to exacerbate existing economic disparities and may be the most important barrier to intergenerational economic mobility. These tendencies are most pronounced at the top of the income distribution. While inherited income is distributed fairly evenly across most of the population, it rises sharply at the very top. Second, the estate tax system is the most important mechanism by which the current fiscal system mitigates the effect of inheritances on economic disparities and intergenerational mobility. The burden of the estate and gift taxes falls largely on heirs, not donors. Moreover, on average, it rises rapidly with the amount the heir inherits and his economic income. Nevertheless, the relationship between the heir's financial circumstances and his or her estate tax burden is relatively imprecise. Third, upcoming legislative changes create an opportunity to better focus the estate tax system on the unearned income that inheritances represent. We should use that opportunity to reform, not repeal, the estate tax system so that it continues to tax inherited income but in a more equitable manner. Two reform options are discussed. The first would replace the estate tax system with a comprehensive inheritance tax, under which heirs would pay tax on extraordinary amounts of inherited income at roughly the same rate that presently applies to earned income under the income and payroll taxes. The second would retain the estate tax but better focus it on the amount transferred as a proxy for the amount received. It would do so through a package of simplification reforms that would limit the extent to which the tax burdens on heirs depend on their access to sophisticated tax advice.

The Federal Estate Tax

Author : David Joulfaian
Publisher : MIT Press
ISBN 13 : 026255111X
Total Pages : 213 pages
Book Rating : 4.2/5 (625 download)

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Book Synopsis The Federal Estate Tax by : David Joulfaian

Download or read book The Federal Estate Tax written by David Joulfaian and published by MIT Press. This book was released on 2024-02-06 with total page 213 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.