Essay On Estate Tax

The estate tax in the United States is the tax made upon transfer of the taxable property of a deceased. It is also called inheritance tax. Such estate may include property inherited via a will, life insurance benefits to beneficiaries, securities, trusts, annuities, corporate or business interests and other assets. It consists of an accounting of all assets and its interests at the time of a person's death.
HISTORICAL OVERVIEW

For the past 90 years throughout the history of America, the federal government relied on estate and inheritance taxes as sources of funding in emergency cases like funds for wars. Proponents frequently advocated that the estate taxes are effective tools to prevent few individuals who are affluent to retain the wealth in their hands while opponents believe that transfer taxes discourage accumulation of capital, affecting the national economic growth. This tension along with fiscal problems has led to periodic revisions of Federal estate tax laws affecting both the size of the decedent population subject to the tax and the revenue collected.

Roman Emperor Caesar Augustus imposed the Vicesina Hereditatium, a tax on successions and legacies to all but close relatives 2000 years ago. Death tax on the other hand can be traced back to ancient Egypt in 700 B.C. In Europe, taxes imposed at
The estate tax is one part of the Unified Gift and Estate Tax system in the United States. This tax is levied at the time of transfer of the taxable estates of a decedent. Estate Tax in the United States is imposed on the estate properties, provided such properties are subject to transfer through a will. The United States Estate Tax is considered to be a part of the Unified Gift and Estate Tax system of the