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The following article was published in our article directory on August 24, 2010.
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The Story Behind the US Estate

Article Category: Business Management

Author Name: xia zihui

The United States since January 1 this year, suspended for one year from the estate duty. However, under current arrangements for inheritance tax law, if Congress before the end of the Estate Duty Act has not passed a new bill, the tax will re-introduction in 2011, and the maximum tax rate will jump to 55% threshold will also benefit from 350 per person fell to only 100 million U.S. dollars per million.

The "torment" is behind the U.S. Democratic and Republican parties in the mid-term elections the dawn of the political game. Meanwhile, some rich and powerful have been interpreted as a charitable act to evade the high inheritance tax purposes.

Bush: a high-profile tax cuts until the zero

Last month, New York Yankee baseball team owner Lerner sudden death, his children inherited the legacy of 1.1 billion U.S. dollars, do not have to pay a penny of inheritance tax. If Reyna passed away last year, then his children in accordance with the 45% tax rate, at least 500 million U.S. dollars to pay estate duty.

In 2001, the U.S. Congress passed the Bush administration to stimulate the economy, "Economic Growth and Tax Relief Coordination Act." In the United States since 1981, the largest tax cut bill, including the phasing out of inheritance tax (see table below). In this tax, the government will in ten years, "none other" 266.6 billion U.S. dollars, accounting for a total of 1.35 trillion tax cut of 16.5%.

However, due to years Congress never any legislation on inheritance tax from next year at 0:00 on the on January 1, the United States would impose the amount of federal estate will fall to 100 million, the highest tax rate will rise to 55%. Non-profit organizations, "tax analyst" of the tax law historian out that if we allow the estate tax rate jump from this year's 0% 55% next year, this will be the largest in U.S. history, the main tax tax rate increase.

In fact, in 2002 and 2003, the United States Congress has twice considered the permanent abolition of estate duty on the motion, all the time to vote in the House of Representatives passed, but ran aground in the Senate vote. Late last year, the House of Representatives has passed a bill in 2010 continued in 2009 the estate duty threshold and tax rates, the Senate has once again been shelved.

This year, the U.S. Congress not only the remaining 40 days, some people think that the new law will dystocia estate. However, it was reported that due to the saving the domestic economy, the U.S. parties have voted in the November mid-term elections to re-discuss the Bush administration before the 2001 and 2003 tax cut package, including the inheritance tax law. But how to change the Estate Duty Act, still remains controversial.

Tax reform: the bipartisan consensus or knot

United States, the basic framework of the current federal estate was passed in 1976 "Tax Reform Act," to be established, after the initial fee amount and the tax rate stable. Estate requirements in 1976 amounted to 600 thousand U.S. dollars initial fee. In 1998, under the "Taxpayer Relief Act" provisions, would impose the amount of increase is also only to 62.5 million. The maximum tax rate is 50%.

However, 80 of the last century, to tax cuts as the main target of the new classical macroeconomic thinking of leading U.S. economic policy toward the beginning, the United States to create a long economic boom. The late 90s of last century, the middle class about to retire, the U.S. "baby boom" generation of the expected good economic prospects, the United States began to rise the voice of abolition of estate duty. 1999 and 2000, the United States Congress has twice passed the bill on the gradual abolition of estate duty, eventually rejected the then Democratic President Bill Clinton.

Republican President George W. Bush presidency, in 2001, 2003 and 2008, a total of three large-scale tax cut bill introduced gradually reduce the estate tax, is committed to safeguarding the interests of middle and upper classes.

However, tax policy has no shortage of opponents. Taxpayer Relief Act of 2003 after the introduction of more than 400 economists in "The New York Times" published an article on the strong opposition to Bush's tax cuts that this bill will increase the budget deficit and the long run weaken the U.S. economy. Some analysts pointed out, is desperate Bush tax cuts led to the United States year after the huge gap in public expenditure, high fiscal deficits piling up, so that greed eventually led to the pursuit of external funding was far-reaching financial crisis.

Now, after experiencing the financial crises of the United States are moving in the slow road to recovery, high unemployment rate. The Democratic Party, in order to stabilize the people, first and foremost to protect the interests of the middle class. Therefore, tax cuts for the Obama administration should be preferred. But it is equally important that the government needs to reduce the fiscal deficit in the security benefits and employment promotion. According to U.S. media analysis, no inheritance tax in 2010 will result in financial loss to the United States at least 14.8 billion. IRS data show that estate in 2008 created a 26.5 billion U.S. dollars of revenue. Therefore, it is foreseeable that in the future to discuss tax programs, the parties may make more compromises.

According to reports, some Democrats are likely to encourage Republicans to low-income tax cuts for the middle and high income tax increase on a package of proposals for vote, and Republicans interviewed said that might be considered. Senator Sanders said: "When we face unprecedented 13 trillion debt and the very class and others growing divide, we can not allow inherited several million dollars, or hundreds of millions of people to avoid paying their property estate duty payable. "

Now lawmakers made several proposals for reference. Senator Sanders made the estate duty levied programs to 3.5 million U.S. dollars of property for the threshold, the maximum tax rate of 55%, this program won the support of some of the rich.

Regal: generous tax avoidance?

According to the independent sector, "Tax Policy Center" study, it stood whether the current inheritance tax policy, there are 44,000 people next year, the United States will face high inheritance tax, the figure is about 8 times in 2009. "You do not know the suicide, or that continue to live." These are old, sick rich, issued at the time continued to tick away in a sigh. Given the uncertainty of estate tax rate would impose the amount and the expected generosity of many rich choices, but also was accused of being imposed in order to reduce the amount of estate duty, or even to avoid inheritance tax.

This year in June, Buffett and Gates called on the U.S. billionaire pledged to donate half of his property to charity. Up to now, there are 40 billionaires have answered the call, including the Oracle founder Larry Ellison, New York City Mayor Michael Bloomberg, Chinese bio-pharmaceutical tycoon Chen Songxiong wife, the famous film director Qiaozhiluka Sri Lanka, there is the Rockefeller family patriarch David Rockefeller and other large family heir. If these rich promises, then it is estimated that U.S. philanthropy will reap 600 billion U.S. dollars is huge. Some U.S. media said it was "unprecedented" generosity.

In fact, Buffett and Gates has long taken the lead in doing good. In 2005, Gates announced that his 50th birthday, billions of dollars in wealth will be fully donated to the community, not as a legacy to future generations. 2001, 120 joint in the wealthy United States, "New York Times" published a statement calling on the Government not to abolish estate duty, the two are the columns.

Buffett said, according to participate in action, promised to donate the billionaires out of tax avoidance is not a consideration. He said: "The people I spoke with no one talking about tax issues. Whether anyone can do for tax purposes, but I think their motivation is far from simple tax cut."

U.S. tax law provides that in calculating the amount of time can be imposed heritage, including for the establishment and operation solely for religious, charitable, scientific, literary and educational purposes can enjoy full duty-free part. Shows that if the rich do insist on charitable donations during their lifetime, then either that person or business tax avoidance, but also can reduce the number of property after death to reduce the amount to be taxed. U.S. taxpayers pay less because of donations and taxes, all government tax incentives have become the largest number of policies. The year 2002, the U.S. government contributions to charitable activities for the taxpayers of 140 billion less in tax revenue.

Buffett and Gates for the call, the rich in Europe pointed out that this is the behavior to avoid paying taxes to the government, in fact, the government transferred the capacity of public policy is not conducive to the development of social welfare. For most American ordinary people, estate duty is not imposed on them, but 8 years of Bush's fiscal policies and the tendency of wealthy Wall Street big brothers hand "brewing" financial crisis has deepened their rich dissatisfaction.

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