Coordination of State and Federal Inheritance, Estate, and Gift Taxes: A Commission ReportU.S. Government Printing Office, 1961 - 134 pages |
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80 percent account numbers aggregate Alabama Alaska amount Appendix Table Arizona Arkansas Commission Connecticut credit equal credit methods Credit under Alternative death and gift death tax revenues decedent deductions Delaware distribution District of Columbia eral tax estate and gift estate tax credit Estate Tax Liability estate tax returns Federal credit Federal estate tax Federal returns Federal tax credit Federal tax liability Fiscal Gift Tax Collections gross estate Gross Federal Tax Hampshire Hawaii Idaho Indiana inheritance and estate inheritance tax Internal Revenue Service interstate Iowa Kansas Kentucky large estates Louisiana Maximum Credit million Minnesota Missouri Montana National Government Net estate North Dakota Ohio Oklahoma Oregon Percent of Gross percentage pick-up present credit Present Law rates and exemptions recommends relative Rhode Island Selected Size Estates South Carolina specific exemption tax administration tax coordination Tax Returns Filed taxable estate taxes paid taxpayers Tennessee Total U.S. TREASURY DEPARTMENT Utah Vermont West Virginia Wisconsin Wyoming
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Page 33 - Louisiana Maine Maryland Massachusetts Michigan Minnesota Missouri Montana Nebraska New Hampshire New Jersey "New...
Page iii - ... (6) recommend, within the framework of the Constitution the most desirable allocation of governmental functions, responsibilities, and revenues among the several levels of government; and (7) recommend methods of coordinating and simplifying tax laws and administrative practices to achieve a more orderly and less competitive fiscal relationship between the levels of government and to reduce the burden of compliance for taxpayers.
Page 94 - A Treasury tax study prepared for the Subcommittee on Coordination of Federal, State, and Local Taxes of the Committee on Ways and Means recommends integration and simplification of the Federal dual estate tax structure as prerequisite to improved Federal-State tax coordination.
Page 109 - An additional estate tax is imposed to assure full absorption of the 80-percent Federal credit.
Page 12 - A-30, 1967) Estate and Gift The President and Congress should coordinate State and national inheritance and estate taxes.31 (Report Al, 1961) Congress should replace the Federal estate tax credit for taxes paid to States (Section 2011 of 1954 IRS Code) with a twobracket credit to earmark for the States a large share of Federal tax liabilities in the lower tax brackets and a small share in higher brackets. The new formulation should be expressed in terms of an independent schedule. But legislation...
Page 32 - The simplest are the five estate taxes patterned after the federal statute and designed to impose a tax liability equal to the maximum credit allowed against the federal tax. Some of these so-called "pick-up" taxes, originally intended to pre-empt for the states the exact amount of the credit have departed from this pattern ; they have been overlaid with provisions at variance with those of the Internal Revenue Code. In consequence, state...
Page 34 - Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Michigan, Minnesota, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey...
Page 15 - We believe it necessary to make clear that our foregoing recommendations, standing alone, will not materially advance this cause. The existing diversity in death taxes is the product of several factors. One is the multiplicity of taxing jurisdictions. Another is the natural inclination of each to shape its own statutory provisions. Still another is the use of the estate tax at the national level and inheritance taxes by the States, some in combination with estate taxes. The estate tax applies to...
Page 48 - ... present problems resultIng from jurisdictional, structural, and definitional differences between State death tax systems would be aggravated. Only the more conspicuous of these can here be cited. Inheritance taxes employed by many of the States create difficult problems •with respect to the taxation of contingent future interests, since it is not certain at the time the tax is determined to how many beneficiaries and to what class of beneficiaries these interests will pass. These determinations...
Page 74 - Unless a state felt an urgent need for additional revenue, it might be loath to take action depriving its residents of the federal reduction. The Commission felt strongly that it was no part of its duty to recommend tax decrease (or increase) ; with respect to this it should be neutral. Accordingly...