Coordination Of State And Federal Inheritance Estate And Gift Taxes

Author : United States. Advisory Commission on Intergovernmental Relations
Publisher :
ISBN 13 :
Total Pages : 160 pages
Book Rating : 4.36/5 ( download)

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Download or read book Coordination of State and Federal Inheritance, Estate, and Gift Taxes written by United States. Advisory Commission on Intergovernmental Relations and published by . This book was released on 1961 with total page 160 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Author : Steven Maguire
Publisher : Createspace Independent Publishing Platform
ISBN 13 : 9781481071420
Total Pages : 0 pages
Book Rating : 4.24/5 ( download)

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Download or read book The Impact of the Federal Estate Tax on State Estate Taxes written by Steven Maguire and published by Createspace Independent Publishing Platform. This book was released on 2012-11-22 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 The principal cause is the return of the federal credit for state death taxes when the tax changes originally enacted by the Economic Growth Tax Relief and Reconciliation Act in 2001 (EGTRRA, P.L. 107-16) expire.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. Internal Revenue Service
Publisher :
ISBN 13 :
Total Pages : 40 pages
Book Rating : 4.47/5 ( download)

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Download or read book A Guide to Federal Estate and Gift Taxation written by United States. Internal Revenue Service and published by . This book was released on 1961 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Author : Lafayette Blanchard Gleason
Publisher :
ISBN 13 :
Total Pages : 1550 pages
Book Rating : 4.49/5 ( download)

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Download or read book A Treatise on the Law of Inheritance Taxation and the Federal Estate and Gift Taxes written by Lafayette Blanchard Gleason and published by . This book was released on 1925 with total page 1550 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Author : United States. Department of the Treasury. Division of Tax Research
Publisher :
ISBN 13 :
Total Pages : 40 pages
Book Rating : 4.63/5 ( download)

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Download or read book Federal-state Tax Coordination written by United States. Department of the Treasury. Division of Tax Research and published by . This book was released on 1948 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Author : United States. Congress. House. Committee on Ways and Means
Publisher :
ISBN 13 :
Total Pages : 122 pages
Book Rating : 4.34/5 ( download)

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Download or read book Coordination of Federal, State, and Local Taxes written by United States. Congress. House. Committee on Ways and Means and published by . This book was released on 1953 with total page 122 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Author : United States. Department of the Treasury
Publisher :
ISBN 13 :
Total Pages : 104 pages
Book Rating : 4.94/5 ( download)

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Download or read book Federal-State-local Tax Coordination written by United States. Department of the Treasury and published by . This book was released on 1952 with total page 104 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Author : United States. Congress. Senate. Committee on Finance. Subcommittee on Estate and Gift Taxation
Publisher :
ISBN 13 :
Total Pages : 1386 pages
Book Rating : 4.53/5 ( download)

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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 1386 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Author : United States. Department of the Treasury. Advisory Committee on Estate and Gift Taxation
Publisher :
ISBN 13 :
Total Pages : 184 pages
Book Rating : 4.81/5 ( download)

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Download or read book Federal Estate and Gift Taxes written by United States. Department of the Treasury. Advisory Committee on Estate and Gift Taxation and published by . This book was released on 1947 with total page 184 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Author : Chamber of Commerce of the United States of America. Committee on Federal Finance
Publisher :
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4.72/5 ( download)

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Download or read book Federal Estate and Gift Taxes, Recommendations for Modifications in the System of Taxing Estates and Gifts written by Chamber of Commerce of the United States of America. Committee on Federal Finance and published by . This book was released on 1946 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: