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Estate and Gift Taxes: Economic Issues
The unified estate and gift tax is levied on the transfer of assets that occurs when someone dies or gives a gift. Filing an estate tax return can be difficult depending on the value and complexity of the estate. The purpose here is to outline the mechanics of the estate and gift tax. The first section begins with a brief review of the general rules accompanied with a numerical example. There are some minor provisions of the law that are not discussed here, however, such as the phase out of the graduated rates and the credit for taxes on property recently transferred. The second section summarizes the special rules for farms and small businesses. And, the final section briefly describes the generation skipping transfer tax. The appendix of this report provides detailed data from returns filed in 2005, the latest year for which data are available.
Frequently Asked Questions Concerning the Federal Income Tax
This report addresses some of the frequently asked historical, constitutional, procedural, and legal questions concerning the federal income tax.
Major Tax Issues in the 108th Congress
This report provides an overview of major tax issues. It begins by describing three aspects of the economic context in which the tax policy debate during 2004 is likely to occur: the general state of the U.S. economy; the position of the federal budget; and the level of taxes in the United States.
The Level of Taxes in the United States, 1941-1999
No Description Available.
President Bush's Tax Proposal: A Brief Overview
No Description Available.
Tax-Cut Legislation: The Economic Growth and Tax Relief Act of 2001 (H.R. 3)
No Description Available.
U.S. Taxation of Overseas Investment
No Description Available.
U.S. Taxation of Overseas Investment
No Description Available.
Forms that Incorporate Abroad for Tax Purposes: Corporate "Inversions" and "Expatriation"
No Description Available.
The Jobs and Growth Tax Act (H.R. 2): A Brief Overview of the House Tax-Cut Bill
No Description Available.
The Level of Taxes in the United States, 1940-1997
No Description Available.
The Level of Taxes in the United States, 1940-2000
No Description Available.
Tax Code Termination Act: A Fact Sheet
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Aviation Taxes and the Airport and Airway Trust Fund
This report discusses the reauthorization of excise tax revenues for the airport and airway trust fund, which has been a contentious issue for the last two years. Most of the concern during this period was about future funding needs for the Federal Aviation Administration (FAA). The issue, somewhat unexpectedly, became an element of the tax plans embedded in House and Senate FY1998 budget reconciliation proposals. The House proposed a major structural change in how aviation taxes would be imposed.
The Effects of Indexation on Tax Revenues and Distributional Effects of the U.S. Individual Income Tax System: A Historical Simulation
This report compares the actual tax revenues and distribution of the tax burden under the Federal individual income tax from 1971 to 1981 with estimates of what they would have been under the 1971 tax structure if indexed for inflation and under the 1971 tax structure if left unchanged. Policy implications of the comparison are discussed.
Individual Retirement Accounts (IRAs)
Recent changes in the Nation's tax laws have made Individual Retirement Accounts available to many people previously excluded. This report provides general information on IRAs including material explaining these recent changes and their consequences.
Individual Retirement Accounts (IRAs): Issues, Proposed Expansion, and Retirement Savings Accounts (RSAs)
No Description Available.
Tax Incentives for Charity: An Overview of Legislative Proposals
No Description Available.
Tax Incentives for Charity: An Overview of Legislative Proposals
No Description Available.
Tax Incentives for Charity: An Overview of Legislative Proposals
No Description Available.
Tax Incentives for Charity: An Overview of Legislative Proposals
No Description Available.
Tax Incentives for Charity: An Overview of Legislative Proposals
No Description Available.
Tax Incentives for Charity: An Overview of Legislative Proposals
No Description Available.
Tax Reform and Distributional Issues
No Description Available.
Individual Retirement Accounts (IRAs): Issues and Proposed Expansion
No Description Available.
Individual Retirement Accounts (IRAs): Issues and Proposed Expansion
No Description Available.
Individual Retirement Accounts (IRAs): Issues and Proposed Expansion
No Description Available.
Jobs and Growth Tax Relief Reconciliation Act: Provisions Expiring in 2004
No Description Available.
Jobs and Growth Tax Relief Reconciliation Act: Provisions Expiring in 2004
No Description Available.
Tax Credits for Individual Development Accounts
An individual development account (IDA) is a structured savings instrument for lower income individuals. This report discusses legislation introduced in the 108th Congress to establish IDA programs utilizing tax benefits to encourage program development.
Tax Issues: National Public Opinion
This report provides a sample of public opinion questions concerning the current tax system, the Internal Revenue Service, and proposals for tax reform. It will be updated as new poll results become available. The report is for the use of Members as they consider legislation currently before the 105 Congress.
EU State Aid and Apple's Taxes
This report discusses the recent investigations by the European Union (EU) regarding claims that certain countries had provided illegal state aid via favorable tax rulings.
Tax Returns of Individuals: Statistical Charts for the Five Most Recent Years
This report provides answers to some of the most frequently asked questions concerning the federal individual income tax, including the number of returns filed, average tax per return, and income tax as percentage of adjusted gross income. This report will be updated as the Internal Revenue Service (IRS) releases new or revised statistics.
Energy Tax Incentives in the 108th Congress: A Comparison of the House and Senate Versions of H.R. 6 and the Senate Finance Committee Amendment
This report discusses energy taxes incentives, which have long been an integral component of this nation’s energy policy. Efforts to significantly expand existing energy tax subsidies have been undertaken since the 106th Congress, but controversy over various non-tax energy policy provisions — corporate average fuel economy standards, the Alaskan National Wildlife Refuge, etc. — have helped stall the legislation.
Major Tax Issues in the 108th Congress
Tax policy is frequently considered by policymakers as a tool for boosting economic performance in various ways, and the likely economic effects of tax policy are often hotly debated. A brief overview of the current economic context is thus a good starting point for looking at tax issues facing the current Congress. This report provides an overview of major tax issues. The report begins by describing three aspects of the economic context in which the tax policy debate during 2004 is likely to occur: the general state of the U.S. economy; the position of the federal budget; and the level of taxes in the United States.
The Alternative Minimum Tax for Individuals: Legislative Initiatives in the 110th Congress
This report discusses the alternative minimum tax (AMT) for individuals that was originally enacted to ensure that all taxpayers, especially high-income taxpayers, pay at least a minimum amount of federal taxes.
Retirement Plans with Individual Accounts: Federal Rules and Limits
No Description Available.
Retirement Plans with Individual Accounts: Federal Rules and Limits
No Description Available.
Federal Excise Tax on Tires: Where the Rubber Meets the Road
This report examines the history of the federal excise tax on tires. The excise tax on tires was first levied in 1918 mainly because of revenue needs brought about by World War I. The tax was reduced after the war, and then repealed in 1926. The levy was reintroduced during the Great Depression at a time when federal individual income tax revenues were plummeting, and was increased to help finance World War II. Today, the premise for the excise tax on tires is that heavier vehicles cause greater damage to both roadways and bridges, and that the excise tax on tires resembles a pricing mechanism that is a proxy for highway wear-and-tear charges.
Income Tax Relief in Times of Disaster
No Description Available.
The Individual Alternative Minimum Tax: Interaction with Marriage Penalty Relief and Other Tax Cuts
No Description Available.
The Level of Taxes in the United States, 1940-2003
No Description Available.
The Level of Taxes in the United States, 1940-2002
No Description Available.
Estate and Gift Taxes: Economic Issues
The Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA, P.L. 107-16) repeals the estate tax in 2010. During the phase-out period, the new law increases the exempt amount to $3.5 million by 2009 ($1.5 million in 2005), lowers the top rate to 45% by 2007 (the top rate in 2005 is 47%), and repeals the federal credit for state death taxes in 2005. The federal gift tax remains though the rate is reduced to the top personal income tax rate (35% in 2005). After repeal of the estate tax, carryover basis replaces step-up in basis for assets transferred at death. The legislation includes an exemption from carryover basis for capital gains of $1.3 million (and an additional $3 million for a surviving spouse). However, the estate tax provision in EGTRRA automatically sunsets December 31, 2010.
Estate and Gift Taxes: Economic Issues
The Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA, P.L. 107-16) repeals the estate tax in 2010. During the phase-out period, the new law increases the exempt amount to $3.5 million by 2009 ($1.5 million in 2005), lowers the top rate to 45% by 2007 (the top rate in 2005 is 47%), and repeals the federal credit for state death taxes in 2005. The federal gift tax remains though the rate is reduced to the top personal income tax rate (35% in 2005). After repeal of the estate tax, carryover basis replaces step-up in basis for assets transferred at death. The legislation includes an exemption from carryover basis for capital gains of $1.3 million (and an additional $3 million for a surviving spouse). However, the estate tax provision in EGTRRA automatically sunsets December 31, 2010.
Tax Cut Bills in 2003: A Comparison
No Description Available.
The Effect of the President’s Dividend Relief Proposal on Corporate Tax Subsidies
The first section of this report explains how these excludable dividend amounts (EDAs) work and how they affect the value of corporate tax preferences. The second section of the report details alternative approaches and their effects on corporate tax subsidies. The next section of the report explores the rationale for EDAs. The final section concludes with a review of general policy issues, including a discussion of the general types of corporate tax preferences currently allowed and a discussion of possible alternative approaches.
H.R. 8: The Death Tax Elimination Act of 2001
No Description Available.
The Child Tax Credit and the President's Tax Cut Plan
The child tax credit was enacted as part of the Taxpayer Relief Act of 1997. The current credit is $500 per qualifying child. President Bush has proposed increasing the child tax credit to $1,000 per qualifying child. The President has also proposed making permanent the temporary rule in current law that allows the child tax credit to offset a taxpayer’s alternative minimum tax.
Extending the 2001, 2003, and 2004 Tax Cuts
This report discusses the Economic Growth and Tax Relief Reconciliation Act of 2001, the Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA, and the Working Family Tax Relief Act of 2004 (WFTRA). Since all of the tax reductions provisions of all three of these acts expire at some point in the future, Congress faces the issue of whether to extend and/or make the reductions permanent. Extending these tax reductions, however, is likely to significantly reduce federal revenues in the future.