Monday, November 23, 2009
UCLA Williams Institute publishes study of estate-tax and same-sex couples
The Williams Institute at the UCLA School of Law has published a paper by Michael D. Steinberger, UCLA Economics Department, Pomoma College, “Federal estate tax disadvantages for same-sex couples”, link here. The paper says that the total cost to the treasury of equalizing tax treatment would be $238 million, or about 1% of gift tax revenue. “The unlimited marital deduction of assets transferred to a surviving spouse is not available to same-sex couples.” There are real issues Family-owned Farm and Closely Held Business provisions. When the decedent and child of a same-sex couple work together, the child is treated as a conventional employee.
No federal marital tax deduction existed before 1948 and it did not become unlimited until 1981.