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Essay / Research Paper Abstract
This 10 page report discusses numerous aspects of taxation and regulatory authority associated with estates, trusts, and gifts. Estate planners, accountants, Internal Revenue Service directors, the court system, and attorneys have also demonstrated very definite and widely varying opinions regarding the ways in which Americans’ estates, trusts, and gifts are taxed. The taxpayer relief act (TRA) of 1997 contained the most significant changes in the income taxation of estates and trusts since 1986. Bibliography lists 8 sources.
Page Count:
10 pages (~225 words per page)
File: D0_BWtxgift.rtf
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Unformatted sample text from the term paper:
an archaic and punitive tax, while others believe it provides far too many options for the wealthy while penalizing the middle and lower income sectors of the population. Estate
planners, accountants, Internal Revenue Service directors, the court system, and attorneys have also demonstrated very definite and widely varying opinions regarding the ways in which Americans estates, trusts, and gifts
are taxed. The taxpayer relief act (TRA) of 1997 contained the most significant changes in the income taxation of estates and trusts since
1986. According to Barnett (1997), some of the new provisions (but not all) had their genesis in the "simplification" provisions of the 1995 Revenue Reconciliation Bill that was never actually
enacted. Like virtually all legislation, a number of the modifications contained in the 1997 TPA will result in simplification, and some not.
And yet, there are also those proponents of the federal estate tax who believe most Americans should find the federal governments only tax on accumulated wealth as palatable as a
tax can be. From its creation 83 years ago, it has applied only to the very largest of estates. McIntyre (1999) notes that over the exemption level of $650,000, (or
$1.3 million for couples), the estate-tax rate starts at 33 percent and, with some bumps, peaks at a top marginal rate of 39 percent (after credits for state inheritance taxes)
on taxable estates larger than $21 million. McIntyre (1999) also explains that as a result of the 1997 tax act, the estate-tax
exemption will be phased up to $1 million ($2 million for couples) by 2006. The portion of a decedents estate passing to a spouse is exempt from the tax. McIntyre
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