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The relation between Estate Taxation and Equitable Crowth - Research Proposal Example

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Nana Meng ECON 492 Professor Pritchard 8 November 2012 The Relation between Estate Taxation and Equitable Growth Introduction An estate tax, also called inheritance tax, refers to any tax that is levied on assets left behind by a decedent. During the transfer of assets after death, federal governments as well as the state government usually charge some tax…
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Download file to see previous pages The changing structure of the federal estate tax has significant impact on the state estate tax revenue as well as the economic growth within the United States of America. The reverting of the federal estate tax to the pre-2001 structure is likely to have serious impacts on the economic growth of the United States of America. Estate tax within USA is understood on the basis of administrative simplicity and compliance costs, revenue sufficiency, economic efficiency, and equity. These elements are the epicenters in analyzing the impact of estate tax on economic growth within the USA. Estate tax has significant impact on the economy based on savings and capital investments. The higher the estate tax, the less the savings and capital investments thus affecting economic growth. Lower estate tax rates encourage more investments whilst reducing the revenue that the federal or state government obtains from the estate taxation, thus leading to significant impacts on economic growth within the USA. Nonetheless, in order to understand the impact of estate tax rates on economic growth, there is a need for extensive and detailed research. In order to carry out a more detailed and in-depth research, the following provides background and hypothesis to be used as well as the literature review. Literature review is used in this paper to provide deeper understanding, validity, and reliability of the research. In addition, the research contains methodology that provides an overview of the procedure employed in ensuring that adequate research is conducted, enough data is collected, and an efficient and effective data analysis. The research analyzed the data using STATA statistical tool. The finding and data analysis section provide a deeper and in-depth understanding of the topic based on the collected data. The paper winds up with discussions, conclusions, and recommendations. Background and Hypothesis As Americans decide between Barack Obama and Mitt Romney in this fall’s presidential election they choose between two men with divergent ideas about estate taxation. Right now, estate taxation policy puts a 35 percent tax rate after a $5 million exemption, a rate it has been at since 2010. It was that year that a loophole in the Economic Growth and Tax Relief Reconciliation Act of 2001 (the “Bush tax cuts” in political parlance) caused the complete elimination of the estate tax. In the preceding decade, there was a 45 percent tax rate with a $3.5 million exemption. President Obama and his Democratic allies in Congress support reverting current rates to 2009 levels. Mr. Romney, the Republican challenger, favors completely eliminating the estate tax. If no action is taken before the end of this year, a policy even more draconian than Mr. Obama’s will kick in. Under the “default” plan, the rate would be 55 percent and the exemption $1 million. Figure 1 Estate tax 1997-2013 (projected) Year Estate Tax Exemption Top Estate Tax Rate 1997 $600,000 55% 1998 $625,000 55% 1999 $650,000 55% 2000 $675,000 55% 2001 $675,000 55% 2002 $1,000,000 50% 2003 $1,000,000 49% 2004 $1,500,000 48% 2005 $1,500,000 47% 2006 $2,000,000 46% 2007 $2,000,000 45% 2008 $2,000,000 45% 2009 $3,500,000 45% 2010 $0 0% 2011 $5,000,000 35% 2012 $5,000,000 35% 2013 $1,000,000 55% This author hypothesizes that estate taxation rates – ...Download file to see next pagesRead More
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