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Author : United States. Advisory Commission on Intergovernmental Relations
Publisher : Unknown
Page : 160 pages
File Size : 40,7 Mb
Release : 1961
Category : Gifts
ISBN : UIUC:30112075187036
Author : Steven Maguire
Publisher : Createspace Independent Publishing Platform
Page : 0 pages
File Size : 47,8 Mb
Release : 2012-11-22
Category : Electronic
ISBN : 1481071424
An estate tax is a tax levied on the assets left behind by a decedent. The federal government and many state governments levy estate taxes or some type of tax on the transfer of assets at death. In 2012, the federal estate tax allows for a $5.12 million exclusion and a top rate of 35%. The federal estate tax is scheduled to revert to the pre-2001 structure on January 1, 2013, with a $1 million exclusion and top rate of 55%. The Administration's FY2013 budget proposes a federal estate tax with a $3.5 million exemption and top rate of 45% for 2013. Many states also levy estate or inheritance taxes (or both) that are linked to federal law. If the federal estate tax is allowed to revert to pre-2001 law, state and federal estate tax revenue will increase significantly by imposing a greater tax burden on estates than would an extension of 2012 law or the President's FY2013 budget proposal. The percentage increase in state estate tax revenue would likely be greater than the percentage increase in federal estate taxes under a return to pre-2001 law. The principal cause is the return of the federal credit for state death taxes when the tax changes originally enacted by the Economic Growth Tax Relief and Reconciliation Act in 2001 (EGTRRA, P.L. 107-16) expire. Before EGTRRA, all 50 states and the District of Columbia imposed an estate tax where state estate taxes were linked directly to the federal credit for state death taxes paid ("death" taxes because the credit could also be used for inheritance and succession taxes). The dollar-for-dollar credit meant that state taxes were not an additional burden, creating the equivalent of a revenue sharing arrangement between the federal government and the states as most states structured their taxes to match exactly the federal credit. EGTRRA gradually replaced the federal credit with a deduction. Because of this change to a deduction, state estate and inheritance taxes were no longer offset on a dollar-for-dollar basis and, as a result, imposed an additional burden on estates and heirs. States were then lobbied for relief from this additional estate tax burden. As a result, by 2012, just 16 states and the District of Columbia imposed an estate tax and 8 states imposed an inheritance tax (2 states levied both). As Congress considers the future of the federal estate tax, questions concerning the coordination of the tax with the states have arisen. This report examines the interaction of federal and state estate taxes under three policy alternatives: (1) extend the 2012 law, (2) revert to the pre-2001 law, and (3) return to the 2009 law as proposed in the Administration's FY2013 budget proposal. A fourth option, repeal of the federal estate tax, has also been proposed. If the federal estate tax were repealed, repeal of most remaining state estate taxes would likely follow. This option, however, would most likely be considered in the context of broader tax reform and is beyond the scope of this report. Which course of action Congress will choose is uncertain and the impact on the states is unclear. What is more certain is that coordination with states would likely reduce administrative and compliance costs of the estate tax, increase the progressivity of the code generally, and possibly increase the economic efficiency of state estate taxes.
Author : United States. Advisory Commission on Intergovernmental Relations
Publisher : Washington
Page : 156 pages
File Size : 54,7 Mb
Release : 1961
Category : Gifts
ISBN : STANFORD:36105044133531
Author : California. Legislature. Senate
Publisher : Unknown
Page : 668 pages
File Size : 50,6 Mb
Release : 1965
Category : California
ISBN : UCSC:32106020213929
Author : California. Legislature. Senate
Publisher : Unknown
Page : 664 pages
File Size : 47,6 Mb
Release : 1942
Category : California
ISBN : UCSD:31822027450543
Author : United States. Congress. House. Committee on Ways and Means
Publisher : Unknown
Page : 444 pages
File Size : 55,7 Mb
Release : 1969
Category : Depreciation allowances
ISBN : IND:30000091097760
Considers accelerated depreciation of assets and their tax implications for regulated industries, together with deductions and structure of gift and estate taxes.
Author : United States. Advisory Commission on Intergovernmental Relations
Publisher : Unknown
Page : 188 pages
File Size : 53,8 Mb
Release : 2024-06-29
Category : Federal government
ISBN : UCAL:B3074800
Author : United States. Congress
Publisher : Unknown
Page : 1366 pages
File Size : 45,6 Mb
Release : 1961
Category : Law
ISBN : HARVARD:32044116501875
The Congressional Record is the official record of the proceedings and debates of the United States Congress. It is published daily when Congress is in session. The Congressional Record began publication in 1873. Debates for sessions prior to 1873 are recorded in The Debates and Proceedings in the Congress of the United States (1789-1824), the Register of Debates in Congress (1824-1837), and the Congressional Globe (1833-1873)
Author : United States. Congress. House. Committee on Ways and Means. Subcommittee on Select Revenue Measures
Publisher : Unknown
Page : 804 pages
File Size : 45,6 Mb
Release : 1990
Category : Internal revenue law
ISBN : PURD:32754078865759
Author : United States. Department of the Treasury. Division of Tax Research
Publisher : Unknown
Page : 32 pages
File Size : 47,6 Mb
Release : 1947
Category : Finance
ISBN : IND:30000054692235
Author : United States. Advisory Commission on Intergovernmental Relations
Publisher : Unknown
Page : 334 pages
File Size : 49,6 Mb
Release : 1964
Category : Double taxation
ISBN : STANFORD:36105044133564
Author : United States Tax Research Division. Treasury Department
Publisher : Unknown
Page : 32 pages
File Size : 50,9 Mb
Release : 1947
Category : Electronic
ISBN : STANFORD:36105128901928
Author : United States. Congressional Budget Office
Publisher : Unknown
Page : 60 pages
File Size : 48,8 Mb
Release : 2005
Category : Family farms
ISBN : MINN:31951D02407141U
Author : United States. Advisory Commission on Intergovernmental Relations
Publisher : Unknown
Page : 98 pages
File Size : 41,6 Mb
Release : 1973
Category : Revenue
ISBN : UCAL:C3381877
Author : Joseph A. Pechman
Publisher : Brookings Institution Press
Page : 451 pages
File Size : 45,6 Mb
Release : 2001-06-29
Category : Business & Economics
ISBN : 9780815723271
One of the major architects of comprehensive tax reform has revised his widely acclaimed book on tax policy to reflect the changes brought about by the Tax Reform Act of 1986 and all other major changes in tax laws since 1983. Joseph A. Pechman's Federal Tax Policy is a nontechnical book for general readers and students interested in taxation as an instrument of public policy. It emphasizes such current issues as a comprehensive income taxation, inflation adjustments in income taxation, graduated income taxes versus expenditure taxes, the effects of taxation on economic incentives, and fiscal relations between the federal and state and local governments. Pechman presents and evaluates contrasting views on most forms of taxation—personal and corporate income, general and selective consumption, payroll, estate and gift, property, and state and local--and offers a perceptive analysis of the process of tax legislation and the role of taxation in the fiscal policy. He also provides a valuable series of statistical table on tax developments and an extensive bibliography on tax theory and practice.
