Publication Date

November 2007

Abstract

[Excerpt]The Committee on Finance has scheduled a public hearing for November 14, 2007, entitled “Federal Estate Tax: Uncertainty in Planning Under the Current Law.” This document provides a history, description, and analysis of the Federal estate and gift tax rules. The overview presents data about the estate and gift tax, a brief discussion of possible economic effects of the tax, and a short summary of present law estate and gift tax rules.

Wealth transfer taxes have been part of the U.S. Federal tax system since 1797. The present-law Federal wealth transfer tax system consists of three related components: a gift tax, an estate tax, and a generation-skipping transfer tax.

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Suggested Citation
Joint Committee on Taxation (2007). History, present law, and analysis of the Federal wealth transfer tax system (JCX-108-07). Washington, DC: Author. http://digitalcommons.ilr.cornell.edu/key_workplace/446

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