Increases In the Lifetime Transfer Tax Exclusion

Schedule taxation increases in the lifetime transfer tax exclusion

According to David H. Brockway's article, "Comprehensive Estate and Gift Tax Reform," "even where there is some regional base, such as the auto industry, it is difficult to conceive of any public support for limiting estate and gift taxes." This is, despite the fact that the tax collected by the estate and gift tax is relatively minute in proportion to the other taxes totaled from 1986-1997. Although many taxpayers were in favor of the changes of 1986, because they felt limiting the exclusion would allow families to pass on the family business without incurring tax costs that could eliminate the business altogether, ...

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the true revenue passed from estate to estate, and generation to generation within a family. Secondly, individuals who receive income from their inherited estates and gifts must still pay taxes on the amount accrued throughout the duration of their lifetime. Why should the transfer of property from one set of hands, within a family, to another, receive an additional tax, what essentially amounts to a tax on the initial holding individual's passing? Although it is true that the wealthy benefit from estates, the wealthy must also pay greater taxes, as well as the capital gains that ensue from the income generated from holding wealth. There is no reason that such income generated from estate and gift taxes should be any different.


Works cited

Brockway, David. (1995). "Comprehensive Estate and Gift Tax Reform" Tax Analyst. Accessed on March 15, 2004 at ...

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Added: 6/17/2016 07:28:28 AM
Category: Legal Issues
Type: Premium Paper
Words: 337
Pages: 2

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