100 Million Unnecessary Returns: A Fresh Start for the U.S. Tax System

Repeal of the estate tax in 2010 by the 2001 Act was a mistake. The estate tax clearly has had problems requiring repair, including the need to increase its exemption substantially, to lower and flatten rates, and to take more family circumstances into account in determining tax liability. But estat...

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Bibliographic Details
Published in:The Yale law journal 2002-11, Vol.112 (2), p.261-310
Main Author: Graetz, Michael J.
Format: Article
Language:English
Subjects:
Alternative minimum tax
Bequests
Charities
Congressional elections
Consumption taxes
Corporate income tax
Corporate income taxes
Essay
Estate taxes
Fiscal law
Fiscal policy
Income distribution
Income taxes
Inheritance
Inheritance taxes
Law
Lifetime
Payroll taxes
Policy analysis
Politics
Presidential elections
Proportional taxes
Sales taxes
Statistical data
Tax cuts
Tax law
Tax rates
Tax reform
Tax revenues
Tax systems
Taxation
Taxation systems
U.S.A
Value added taxes
Wealth
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Summary:Repeal of the estate tax in 2010 by the 2001 Act was a mistake. The estate tax clearly has had problems requiring repair, including the need to increase its exemption substantially, to lower and flatten rates, and to take more family circumstances into account in determining tax liability. But estate tax repeal succeeded because of the powerful political forces aligned against the tax, not because of these substantive shortcomings. Looking ahead beyond the next decade, even the payroll tax - the nation's most popular federal tax - faces challenges. Payroll taxes started off at very low rates, but they now impose a substantial burden on working families. Payroll taxes to fund social insurance are the most burdensome tax they pay. During the past twenty-five years, the income tax has fallen into disrepute. From the period immediately following World War II until 1972, the American people viewed the income tax as the fairest tax in the nation. Since 1980, they have consistently viewed it as the least fair.
ISSN:0044-0094
1939-8611
DOI:10.2307/1562240