Economic Issues Surrounding the Estate and Gift Tax: A Brief Summary

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Description

Supporters of the estate and gift tax argue that it provides progressivity in the federal tax system, provides a backstop to the individual income tax and appropriately targets assets that are bestowed on heirs rather than assets earned through their hard work and effort. However, progressivity can be obtained through the income tax and the estate and gift tax is an imperfect backstop to the income tax. Critics argue that the tax discourages savings, harms small businesses and farms, taxes resources already subject to income taxes, and adds to the complexity of the tax system.

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3 pages.

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Gravelle, Jane G. June 19, 2001.

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Supporters of the estate and gift tax argue that it provides progressivity in the federal tax system, provides a backstop to the individual income tax and appropriately targets assets that are bestowed on heirs rather than assets earned through their hard work and effort. However, progressivity can be obtained through the income tax and the estate and gift tax is an imperfect backstop to the income tax. Critics argue that the tax discourages savings, harms small businesses and farms, taxes resources already subject to income taxes, and adds to the complexity of the tax system.

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3 pages.

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Congressional Research Service Reports

The Congressional Research Service (CRS) is the public policy research arm of Congress. This legislative branch agency works exclusively for Members of Congress, their committees and their staff. This collection includes CRS reports from the mid-1960's through 2018—covering a variety of topics from agriculture to foreign policy to welfare.

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  • June 19, 2001

Added to The UNT Digital Library

  • June 12, 2005, 7:33 a.m.

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  • Feb. 9, 2017, 4:03 p.m.

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Gravelle, Jane G. Economic Issues Surrounding the Estate and Gift Tax: A Brief Summary, report, June 19, 2001; Washington D.C.. (https://digital.library.unt.edu/ark:/67531/metacrs1964/: accessed June 3, 2024), University of North Texas Libraries, UNT Digital Library, https://digital.library.unt.edu; crediting UNT Libraries Government Documents Department.

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