JUNE 18, 2001

CITE: Tax Notes, June 18, 2001, p. 2072;
91 Tax Notes 2072 (June 18, 2001)

HEADLINE: 91 Tax Notes 2072 - THE ESTATE TAX: REPEAL OR REFORM? (Section 2001 -- Rate of Estate Tax) (Release Date: JUNE 15, 2001) (Doc 2001-16895 (4 original pages))

AUTHOR: Harmon, Oskar R.
University of Connecticut-Stamford

CODE: (Section 2001 -- Rate of Estate Tax)

ABSTRACT:
For those who believe that estate and inheritance taxes are a legitimate source of revenue for the states and for those who believe that a diffusion of wealth is important to unshackled enterprise and equal opportunity, the repeal of the federal state death tax credit [*2075] presents a challenge. Congress should rise to the occasion and respond as it did in 1926 by not only restoring the state tax credit but also increasing it to 80 percent of the federal amount due without the credit. Such would provide a twofold benefit: secure to the states an enhanced source of revenue, and preserve an important cornerstone of our democracy.

REFERENCES:
Subject Area:
Estate, gift and inheritance taxes;
Individual income taxation