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.

1 comment:

Adam said...

So not only will Congress not grant marriage rights, but to add insult to injury, they confiscate the life-earnings of homosexual couples?

I guess I'm too jaded to be surprised.

The estate tax, which I've researched fairly heavily, is pretty noxious to the overall economy. Some studies that you can find on explain how the estate tax reduces job growth by 1.5 million in America.

Another study documents that the life-insurance industry - which makes $12 billion annually in estate-tax related products - has made estate tax permanency one of its top goals for its $18 million lobbying arm.

Money and power, continuing to collude against good reform.