The richest Americans can largely avoid paying income and other taxes. A new book explains the history.
Articles on Estate Tax
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Only a tiny fraction of Americans are rich enough for it to matter anyway. And many wealthy taxpayers already locked their existing assets into estate plans that they can’t change.
The Productivity Commission’s startling finding is that passing on wealth actually cuts inequality.
Far fewer Americans include plans for bequests to nonprofits in their wills than give to charity on a regular basis. The pandemic could be a good reason to change that.
Philanthropists give for many different reasons, but bequests could decline by about $7 billion a year.
The South African budget speech echoed the theme of rebuilding set out by President Cyril Ramaphosa in his state of the nation address.
The lost incentives to give are likely to make a bigger difference than the small uptick in economic growth expected from the new law.
More than US$20 billion per year in giving is potentially at stake.
Taxing inherited wealth doesn’t just generate revenue for the government. It encourages philanthropy.
President Trump released details of his tax plan, which would essentially benefit the wealthiest Americans by repealing the estate tax and other changes at the expense of the middle class.
Top contributors
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Glenn Family Chair Emeritus of Economics and Philanthropic Studies, Indiana University
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Part-Time Professor of Economics, The New School
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Scientia Professor of Economics, UNSW
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Professor of Law, Boston College
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Frey Foundation Chair for Family Philanthropy, Grand Valley State University
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Professor of Law, University of Virginia
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Associate Professor in Taxation, Stellenbosch University
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Distinguished Professor of Law, Rutgers University - Newark