On January 1, 2013, the federal estate tax regime in effect from 2001 to 2012 is scheduled to revert to its pre-2001 structure. A 35% rate will soar to a 55% rate. A $5 million exemption will plummet to $1 million. Some deductions and credits enacted in 2001 will disappear while others repealed...

Despite our founding vision as a land of opportunity, the United States ranks at or near the bottom among high-income countries in economic equality and inter-generational mobility. Our tax code plays a key role. Inherited income is taxed at less than one-seventh the average tax rate on income...

The upcoming one-year repeal of the federal estate tax in the U.S. creates an opportunity to reconsider the taxation of wealth transfers. This article argues that if inheritances are included in an optimal tax framework, existing evidence suggests that the ideal wealth transfer tax would be much...

The operative order in the case, titled Bangalore Club v. Commissioner of Wealth Tax & Anr., is welcome. But the pleasant reception cannot possibly extend to the ratio it is premised in. This perplexing opinion is based on the repeated attempts by income and wealth tax authorities to invade the...

This paper provides an analysis of how the New Zealand tax system may be affecting residential property markets. Like most OECD countries, New Zealand does not tax the imputed rent or capital gains from owner-occupied housing. Unlike most OECD countries, since 1989 New Zealand has taxed income...

It comes as no surprise to any observant person in this country that there is a wide disparity in our federal income tax treatment of persons who have differing incomes and financial resources. But while much has been written on tax law complexity and inefficiency, little or nothing has been...

The U.S. economy exhibits high inequality and low economic mobility across generations relative to other high-income countries. The U.S. will need to raise more revenues in order to reduce these disparities, finance much-needed new services and investments, and address the nation's long-term...

The U.S. economy exhibits high inequality and low economic mobility across generations relative to other high-income countries. The United States will need to raise more revenues in order to reduce these disparities, finance much-needed new services and investments, and address the nation's...

Income tax systems in some countries follow primarily schedular models that classify income by type, match it with deductions from the same class, and compute a separate tax on each class. The United States income tax uses a global tax model under which it taxes citizens and permanent residents...

This paper surveys possible motivations for having a net wealth tax. After giving a short overview over the state of wealth taxation in OECD countries, we discuss both popular arguments for such a tax, as well as economic arguments. It is argued that classical normative principles of taxation...