JavaScript is disabled for your browser. Some features of this site may not work without it.
History, Present Law, and Analysis of the Federal Wealth Transfer Tax System

Author
Joint Committee on Taxation
Abstract
[Excerpt]The Committee on Finance has scheduled a public hearing for November 14, 2007, entitled “Federal Estate Tax: Uncertainty in Planning Under the Current Law.” This document provides a history, description, and analysis of the Federal estate and gift tax rules. The overview presents data about the estate and gift tax, a brief discussion of possible economic effects of the tax, and a short summary of present law estate and gift tax rules. Wealth transfer taxes have been part of the U.S. Federal tax system since 1797. The present-law Federal wealth transfer tax system consists of three related components: a gift tax, an estate tax, and a generation-skipping transfer tax.
Date Issued
2007-11-13Subject
federal tax; estate tax; economic growth; public policy
Type
unassigned