Sunday, October 30, 2005
Richard J. Joseph (University of Texas, McCombs School of Business) has published Estate Taxation Is Integral to Income Taxation, 109 Tax Notes 527 (Oct. 24, 2005), also available on the Tax Analysts web site as Doc 2005-21028, 2005 TNT 205-42. Here is the opening:
Last April the U.S. House of Representatives voted to abolish the estate tax. At some point the U.S. Senate will consider repeal or reform. The estate tax, critics charge, cripples family farms and small businesses. It also results in the double taxation of lifetime earnings, they claim. Whatever the merits of those arguments, senators should consider the legislative history of the tax in deciding whether to eliminate it. They should bear in mind that the estate tax was intended to supplement the income tax and that eliminating it will affect how the federal tax burden is distributed.