The Economics of the Estate Tax: A Study

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U.S. Government Printing Office, 1999 - 66 Seiten
 

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Seite 30 - For the general prosperity, there cannot be too much facility given to the conveyance and exchange of all kinds of property, as it is by such means that capital of every species is likely to find its way into the hands of those, who will best employ it in increasing the productions of the country. " Why,
Seite 14 - At this moment, after a lapse of a little more than sixty years, the aspect of society is totally altered; the families of the great landed proprietors are almost all commingled with the general mass. In the State of New York, which formerly contained many of these, there are but two who still keep their heads above the stream, and they must shortly disappear. The sons of these opulent citizens are become merchants, lawyers, or physicians. Most of them have lapsed into obscurity. The last trace of...
Seite 14 - The last trace of hereditary ranks and distinctions is destroyed, — the law of partition has reduced all to one level. I do not mean that there is any lack of wealthy individuals in the United States; I know of no country, indeed, where the love of money has taken stronger hold on the affections of men, and where a profounder contempt is expressed for the theory of the permanent equality of property. But wealth circulates with inconceivable rapidity, and experience shows that it is rare to find...
Seite 29 - They are all more or less unthrifty taxes that increase the revenue of the sovereign, which seldom maintains any but unproductive labourers ; at the expense of the capital of the people, which maintains none but productive.
Seite 48 - One way to measure vertical equity is to compare the average tax rates for different income or asset levels. Based on this criterion, the estate tax does not exhibit vertical equity. According to IRS data, the...
Seite 6 - The remainder of this paper is organized into four sections. Section II provides a brief overview of the history and mechanics of the estate tax.
Seite 13 - In the United States it has nearly completed its work of destruction, and there we can best study its results. The English laws concerning the transmission of property were abolished in almost all the states at the time of the Revolution. The law of entail was so modified as not materially to interrupt the free circulation of property.
Seite 3 - The Joint Economic Committee (JEC) released its study, The Economics of the Estate Tax, concluding that the estate tax generates costs to the taxpayer, the economy and the environment that far exceed any potential benefits. Specifically, the report found the following: • The estate tax is a leading cause of dissolution for thousands of family-run businesses. Estate tax planning further diverts resources available for investment and employment. • The estate tax is extremely punitive, with marginal...
Seite 12 - Since income from capital is more unequally distributed than is labor income, the increase in the proportion of income accruing to capital may increase the total inequality of income.
Seite 3 - The existence of the estate tax this century has reduced the stock of capital in the economy by approximately $497 billion, or 3.2 percent. • The estate tax violates the basic principles of a good tax system: it is complicated, unfair, and inefficient. • The distortionary incentives in the estate tax result in the inefficient allocation of resources, discouraging saving and investment, and lowering the after-tax return on investments. • The estate tax raises very little, if any, net revenue...

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