The Impact Of The Federal Estate Tax On State Estate Taxes
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The Impact Of The Federal Estate Tax On State Estate Taxes
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Author : Steven Maguire
language : en
Publisher: Createspace Independent Publishing Platform
Release Date : 2012-11-22
The Impact Of The Federal Estate Tax On State Estate Taxes written by Steven Maguire and has been published by Createspace Independent Publishing Platform this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-11-22 with categories.
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 The principal cause is the return of the federal credit for state death taxes when the tax changes originally enacted by the Economic Growth Tax Relief and Reconciliation Act in 2001 (EGTRRA, P.L. 107-16) expire.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.
Impact Of The Federal Estate Tax On State Estate Taxes
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Author : Steven Maguire
language : en
Publisher:
Release Date : 2012-12-26
Impact Of The Federal Estate Tax On State Estate Taxes written by Steven Maguire and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-26 with Business & Economics categories.
Impact Of The Federal Estate Tax On State Estate Taxes
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Author : Steven Maguire
language : en
Publisher:
Release Date : 2012-12-26
Impact Of The Federal Estate Tax On State Estate Taxes written by Steven Maguire and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-26 with Gifts categories.
Effects Of The Federal Estate Tax On Farms And Small Businesses
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Author : United States. Congressional Budget Office
language : en
Publisher:
Release Date : 2005
Effects Of The Federal Estate Tax On Farms And Small Businesses written by United States. Congressional Budget Office and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with Family farms categories.
The Impact Of Estate Taxes On Small And Family Owned Businesses
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Author : United States. Congress. House. Committee on Small Business. Subcommittee on Tax, Finance, and Exports
language : en
Publisher:
Release Date : 1998
The Impact Of Estate Taxes On Small And Family Owned Businesses written by United States. Congress. House. Committee on Small Business. Subcommittee on Tax, Finance, and Exports and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998 with Business & Economics categories.
The Economics Of The Estate Tax
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Author : United States. Congress. Joint Economic Committee
language : en
Publisher:
Release Date : 1999
The Economics Of The Estate Tax written by United States. Congress. Joint Economic Committee and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with Business & Economics categories.
The Federal Estate Tax
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Author : David Joulfaian
language : en
Publisher: MIT Press
Release Date : 2024-02-06
The Federal Estate Tax written by David Joulfaian and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-02-06 with Business & Economics categories.
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.
Inheritance And The State
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Author : Richard E. Wagner
language : en
Publisher:
Release Date : 1977
Inheritance And The State written by Richard E. Wagner and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1977 with Law categories.
The Impact Of Estate Taxes On Farmers
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Author : United States. Congress. Senate. Committee on Agriculture, Nutrition, and Forestry
language : en
Publisher:
Release Date : 1997
The Impact Of Estate Taxes On Farmers written by United States. Congress. Senate. Committee on Agriculture, Nutrition, and Forestry and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997 with Law categories.
Coordination Of State And Federal Inheritance Estate And Gift Taxes
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Author : United States. Advisory Commission on Intergovernmental Relations
language : en
Publisher:
Release Date : 1961
Coordination Of State And Federal Inheritance Estate And Gift Taxes written by United States. Advisory Commission on Intergovernmental Relations and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1961 with Gifts categories.