Estate Taxes and Asset Accumulation

1996 ◽  
Vol 9 (3) ◽  
pp. 253-268 ◽  
Author(s):  
Kenneth Chapman ◽  
Govind Hariharan ◽  
Lawrence Southwick
Keyword(s):  
United States ◽  
The United States ◽  
Tax Revenue ◽  
Tax Rates ◽  
Individual Data ◽  
Asset Accumulation ◽  
Estate Tax ◽  
Estate Taxes

This paper describes changes in the estate tax over the last few decades in the United States and analyzes its motivation and effects on tax revenue and asset accumulation. Utilizing both aggregate and individual data for the last four decades, we find evidence of individuals responding to higher estate tax rates by shifting away from asset accumulation. We also find some weaker evidence that much of it occurs through reductions in the most liquid forms of assets.

scholarly journals Death Taxes In The United States: A Brief History

2011 ◽  
Vol 7 (1) ◽  
Author(s):  
Eddie Metrejean ◽  
Cheryl Metrejean
Keyword(s):  
United States ◽  
The United States ◽  
Font Size ◽  
Estate Tax ◽  
Estate Taxes ◽  
History Of ◽  
One Year ◽  
Death Taxes ◽  
The U.S ◽  
Influential Individuals

<p class="MsoTitle" style="text-align: justify; margin: 0in 0.5in 0pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman;">Death taxes have been used in various forms in the United States, from a simple stamp tax to the complex estate tax currently in use. On June 7, 2001, President George W. Bush signed legislation that would abolish the federal estate tax in 2010. This would end a 200 year history of death taxes in the U.S., at least for one year, unless Congress changes that legislation. Experts are still debating whether Congress will take such action.<span style="mso-spacerun: yes;">&nbsp; </span>This paper examines the history of death taxes, including stamp taxes, inheritance taxes, and estate taxes, in the U.S. and the reasons that death taxes were enacted. They were usually enacted as revenue raising provisions, but some feel that their potential for redistributing wealth is a better reason for their existence. This paper also examines the current estate tax and why such a tax on the wealthy has had the support of several wealthy and influential individuals.</span></span></p>

Tax Expenditures and the Tax Reform Act of 1969 in the United States

2022 ◽  
pp. 1-26
Author(s):  
Seiichiro Mozumi
Keyword(s):  
United States ◽  
Income Tax ◽  
Public Perception ◽  
Tax Reform ◽  
The United States ◽  
Tax Revenue ◽  
Tax System ◽  
Federal Income Tax ◽  
Federal Taxation ◽  
The Government

Abstract In the United States, tax favoritism—an approach that has weakened the extractive capacity of the federal government by providing tax loopholes and preferences for taxpayers—has remained since the 1930s. It has consumed the amount of tax revenue the government can spend and therefore weakened the possibility of the redistribution of fiscal resources. It has also made the federal tax system complicated and inequitable, resulting in undermining taxpayer consent. Therefore, since the 1930s, a tax reform to create a simple, fair, and equitable federal income tax system with the capacity to raise revenue has been long overdue. Many scholars have evaluated the Tax Reform Act of 1969 (TRA69), which Richard M. Nixon signed into law on December 30, 1969, as one of the most successful steps toward accomplishing this goal. This article demonstrates that TRA69 left tax favoritism in the United States. Furthermore, it points out that TRA69 turned taxpayers against the idea of federal taxation, a shift in public perception that greatly impacted tax reform in the years to follow.

Comparison of Environmental Tax Systems of China and the United States and the Enlightenments

2019 ◽  
Vol 07 (03) ◽  
pp. 1950008
Author(s):  
Yunfeng YAN ◽  
Ran WANG ◽  
Qingwen FAN
Keyword(s):  
United States ◽  
The United States ◽  
Environmental Taxation ◽  
Environmental Taxes ◽  
Tax Revenue ◽  
Absolute Amount ◽  
Environmental Tax ◽  
Green Development ◽  
Important Means ◽  
Taxation System

Environmental taxes are an important means of achieving green development. By referring to the statistical coverage of environmental taxes by the Organization for Economic Co-operation and Development (OECD), this paper analyzed the scale, changing tendency, income structure and stringency of environmental taxes in China and the United States, and compared the basic environmental taxation elements of the two countries. The findings show that in terms of absolute amount, China’s environmental tax revenues were much higher than those of the United States; in terms of relative amount, the proportions of environmental taxes in China’s tax revenue and in GDP also surpassed those of the United States. Besides, in 2010, the Environmental Policy Stringency (EPS) Index in China also exceeded that of the United States, indicating that China’s taxation frame has been further developed towards a greener one; but China’s environmental taxation still faces problems such as improper tax system and imperfect design of taxation elements. The authors suggest that it is necessary to deepen the reform of the top-level design of environmental taxes, scientifically determine taxation elements and taxation structure, and establish an extensive environmental taxation system.

Federal Revenue Legislation, 1943–1944

1944 ◽  
Vol 38 (2) ◽  
pp. 325-330
Author(s):  
Roy G. Blakey ◽  
Gladys C. Blakey
Keyword(s):  
United States ◽  
Income Tax ◽  
Democratic Party ◽  
The United States ◽  
Fiscal Year ◽  
Tax Revenue ◽  
Public Discussion ◽  
Tax Revenues ◽  
Federal Revenue

The Revenue Act of 1943 will be remembered not only as the first one in history to be vetoed by the President, but also as the cause of an outburst in Congress against the executive capable of affecting the fortunes of the Democratic party in the 1944 elections. The significance of this last act in the drama (to date) may be clarified if we review the fiscal situation of the United States at the time, the Administration's tax proposals, and the revenue legislation actually resulting.In January, 1943, the President's budget message estimated expenditures of $100 billion for the fiscal year ending June 30, 1944. Tax revenues for the same period were estimated at $35 billion. The President made three recommendations: (1) raise $16 billion in new tax revenue, or savings, or both, (2) simplify the income tax, and (3) put taxes on a pay-as-you-go basis. In the summer and fall of 1943, Congress enacted legislation to carry out certain parts of the last two proposals. Public discussion had forced on it some consideration of collecting taxes currently.

Have Taxes Led Government Expenditures? The United States as a Test Case

1985 ◽  
Vol 5 (3) ◽  
pp. 321-348 ◽  
Author(s):  
George M. Von Furstenberg ◽  
R. Jeffery Green ◽  
Jin-Ho Jeong
Keyword(s):  
United States ◽  
Structural Model ◽  
The United States ◽  
Reduced Form ◽  
Test Case ◽  
Tax Rates ◽  
Full Information Maximum Likelihood ◽  
Endogenous Variables ◽  
Causality Tests ◽  
Past Data

ABSTRACTThis paper explores intertemporal relations between innovations in government receipts and expenditures, by type and in total, at federal and state-local levels in the United States over the period 1955–82. A structural model is specified with tax and spending components as endogenous variables. After estimation with full information maximum likelihood techniques, residuals derived from the reduced form equations are used in causality tests. These tests show that where there is an indication of causality, spending tends to lead taxes. The lesson learned from past data thus appears to be that changing aggregate tax rates does not cause spending to change. Tax initiatives provide little leverage if changes in the growth of government are intended.

Zipf's Law, Pareto's Law, and the Evolution of Top Incomes in the United States

2017 ◽  
Vol 9 (3) ◽  
pp. 36-71 ◽  
Author(s):  
Shuhei Aoki ◽  
Makoto Nirei
Keyword(s):  
United States ◽  
Income Distribution ◽  
The United States ◽  
Zipf’S Law ◽  
Tax Rates ◽  
Firm Level ◽  
Productivity Shocks ◽  
Zipf's Law ◽  
Top Incomes ◽  
Pareto’S Law

We construct a tractable neoclassical growth model that generates Pareto's law of income distribution and Zipf's law of the firm size distribution from idiosyncratic, firm-level productivity shocks. Executives and entrepreneurs invest in risk-free assets, as well as their own firms' risky stocks, through which their wealth and income depend on firm-level shocks. By using the model, we evaluate how changes in tax rates can account for the evolution of top incomes in the United States. The model matches the decline in the Pareto exponent of the income distribution and the trend of the top 1 percent income share in recent decades. (JEL D31, H24, L11)

scholarly journals IFRS And US GAAP Convergence Progressing: As Taxpayers Voluntarily Stop Using LIFO

2013 ◽  
Vol 12 (4) ◽  
pp. 451
Author(s):  
Dahli Gray
Keyword(s):  
United States ◽  
Federal Budget ◽  
Financial Statements ◽  
The United States ◽  
Tax Revenue ◽  
Generally Accepted Accounting Principles ◽  
Valuation Method ◽  
Federal Income Tax ◽  
Potential Benefits ◽  
Tax Reporting

This paper presents the potential benefits of the last in, first out (LIFO) inventory valuation method being eliminated as a requirement in financial statements prepared under United States Generally Accepted Accounting Principles when also used for United Stated federal income tax reporting. Research results show that corporations have been voluntarily switching from LIFO to another method since inflation declined well below double digits. Of the corporations still using LIFO, the potential billions of federal tax revenue is presented that might help keep the United States federal budget from going over the fiscal cliff.

scholarly journals Corporate Inversions: The Migration Of Corporate Tax Revenue

2016 ◽  
Vol 32 (4) ◽  
pp. 1137-1144
Author(s):  
Joel Barker
Keyword(s):  
United States ◽  
Tax Reform ◽  
Tax Incentives ◽  
The United States ◽  
Business Strategies ◽  
Tax Revenue ◽  
Corporate Tax ◽  
Tax System ◽  
Tax Revenues ◽  
Corporate Profits

Estimates of over 20 billion of tax revenue are lost to our economy because of corporate inversions. Therefore, lawmakers are actively exploring ways to stop the hemorrhaging of corporate tax-revenues, tighten restrictions on corporate inversions, and to find ways to collect on defer tax revenues. From a business prospective, corporate inversions are nothing less than prudent, innovative, business strategies to enhance corporate profits. However, it’s undoubtedly having a significant impact on U.S. tax revenues and ultimately reducing domestic investments. Ireland is now the most popular new home to many U.S. Corporations, especially within the pharmaceutical industry. The advantageous tax incentives offered by Ireland is a “no-brainer,” when compared to the heavy taxes levied upon domestic business. Since the Tax Reform Act of 1986, there has been no major tax reform to the United States Tax System. Despite the various proposals and recommendations made to address this growing economic issue, all concern parties are in consensus that the United States Tax System needs reform.

Introduction

2018 ◽  
Author(s):  
Sven H. Steinmo
Keyword(s):  
United States ◽  
Tax Evasion ◽  
Tax Compliance ◽  
The United States ◽  
Tax Revenue ◽  
State Institutions ◽  
Political Cultures ◽  
History Of ◽  
The Government ◽  
Treat All

Why are some people more willing to pay their taxes than others? In some countries the government is able to collect more than 90% of the taxes it is owed, while in other countries more than 30% of tax revenue goes missing due to tax evasion. This book explores this question by examining the fiscal history of five different democratic nations: Sweden, Britain, Italy, the United States, and Romania. This chapter introduces the book and draws out the central themes introduced in the substantive chapters. Drawing on these rich historical chapters, the introduction shows that successful states have developed strong administrative capacities, treat all taxpayers fairly, and deliver value for the monies they collect. This chapter argues that differences in tax compliance across countries is not explained by different political cultures, but is instead explained by differences in the efficacy of state institutions and the ways they have interacted with their citizens.

scholarly journals The Effect of Changes in Manufacturing Employment on Real Estate Tax Rates in Rural Communities of Pennsylvania

1973 ◽  
Vol 2 (2) ◽  
pp. 121-129
Author(s):  
Donald J. Epp ◽  
William C. Bates
Keyword(s):  
United States ◽  
Rural Communities ◽  
Real Estate ◽  
Population Growth ◽  
Public Services ◽  
The United States ◽  
The Other ◽  
Tax Rates ◽  
Manufacturing Employment ◽  
Real Estate Tax

Rural communities in Pennsylvania, as well as in many other parts of the United States, have exhibited a great deal of variation in population trends in recent years. Many rural communities have experienced a declining population along with a decreasing employment base. This causes problems of finding new sources of employment as well as providing educational and other public services that are adequate for their remaining population but are financed by a decreasing fiscal base. On the other hand, many rural communities have experienced a new spurt of economic and population growth resulting in a need for additional public services. While the particular problems to be faced are different depending on whether the community is growing or declining, they each have their own peculiar types of problems.

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