Title: Three Equitable Taxpayer-Friendly Reforms of Estate and Gift Taxation
Abstract: The author calls for three major changes in the federal estate and gift tax. First, he proposes that a surviving spouse be allowed to claim a deduction on his or her estate tax return for the unused amount of the previously deceased spouses's applicable exclusion amount. This will save married taxpayers with disparate wealth holding patterns considerable sums presently spent on estate tax planning. Second, he notes that although Congress, more than a decade ago, provided for inflation adjustments to both the rate structure, the personal deduction and the standard deduction in the income tax, it has failed to provide similar relief for the rate structure and the basic exemption of the estate tax. He calls for retuoactive inflation adjustments of these items in the estate tax. Third, he calls for repeal of the estate tax credit for state death taxes and proposes that it be replaced by a deduction for such taxes coupled with a revenue neutral lowering of the estate tax rate structure.
Publication Year: 2000
Publication Date: 2000-06-23
Language: en
Type: article
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