Essay On Taxing Assets - 1456 Words

A government taxing their constituency based upon their estate dates back over two thousand years ago. In 700 B.C. the ancient Egyptians placed taxes on transfers of property at death. Subsequently the Roman Emperor, August Caesar, placed a tax on successions of realities of the deceased. As societies grew along with it grew and modified the idea of an estate tax and taxation in general. In America specifically taxing assets was first realized with the implementation of the Stamp Act of 1797. This act required a federal stamp on wills in probate. However this was repealed in 1802. In the decades to come estate taxes were viewed to be necessary to raise the funds to finance wars. The Revenue Act of 1862 implemented a federal inheritance tax†¦show more content†¦There was also a tax placed on estates and excess business profits. However unlike in pervious times in American history, this tax did not go away following World War One. Throughout the lifetime of the act it has expe rienced numerous changes but could be cited as the core foundation that assisted in the establishment of the current estate tax. Estate taxes are defined as the taxes on privilege of transferring property at death and are typically determined by the size of the decedent’s estate. This consists of counting everything a decedent owns or has interests in at the date of death and determining their fair market value (Jacobson). The gross estate is then taken, while permitting deductions and a taxable estate if made. Since the act of 1916, the ever changing landscape of taxation can be broken down into two distinct time periods. These periods are 1916-1948 and 1976 to present. The first notable change following the Revenue Act of 1916 was a tax placed on inter vivo gifts. This then became a permanent feature in 1932 and was due to the fact that congress recognized the wealthy individual’s ability to find a loophole to avoid such estate taxation by giving things away as a gift. In 1935 alternate valuation was implemented through the Revenue act of that same year. This then allowed for an estate to be valued 1 year following a descents death. This was then later altered to just sixShow MoreRelatedProposal Tax Policy For A New Er Promoting Economic Growth And Fairness1130 Words   |  5 PagesEconomic Growth and Fairness, a dual income tax system has been introduced that would boost economic growth and increase tax fairness. The new system contains a single, low rate on all capital income, coupled with a higher top tax bracket on wages. This essay, however, will focus on analyzing Miligan s arguments in reforming the tax system. In this report, Milli gan mentions two trends that raise concerns for current Canadian tax system. 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