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Essays on the estate tax

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	Essays on the estate tax
作者:	Brunetti, Michael John.
面頁冊數:	95 p.
附註:	Chair: Alan J. Auerbach.
附註:	Source: Dissertation Abstracts International, Volume: 65-02, Section: A, page: 0614.
Contained By:	Dissertation Abstracts International65-02A.
標題:	Economics, General.
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3121412
ISBN:	0496687638

Essays on the estate tax
Brunetti, Michael John.

Essays on the estate tax [electronic resource] - 95 p.

Chair: Alan J. Auerbach.

Thesis (Ph.D.)--University of California, Berkeley, 2003.

Chapter two examines the effect of the estate tax on charitable bequests. The charitable deduction provides decedents with a strong incentive to make charitable bequests over bequests to other heirs. In general, previous studies find that the estate tax is a strong determinant of charitable bequests. However, the magnitude of its effect, as measured by the price elasticity, is uncertain because previous estimates suffer from many sources of bias. These sources of bias include dubious assumptions about the marital deduction and functional form, the use of the date of death rather than the date of will tax schedule, and analysis restricted to the wealthiest decedents. Using cross year variation to identify the tax price effect, this paper adds to the existing literature in several ways. First, the identification approach does not require strong assumptions about the marital deduction or functional form of the charity equation. Second, models are estimated with the date of will tax price. Finally, price elasticities are estimated for the non-wealthy portion of the wealth distribution. I find that assumptions about functional form can substantially bias the price elasticity estimates. Both the date of will and date of death tax prices are found to be significant determinants of charitable bequests. The date of will price is stronger for wealthier decedents while the date of death price is stronger for the less wealthy.

ISBN: 0496687638Subjects--Topical Terms:

212429
Economics, General.

Essays on the estate tax
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245 1 0 $a Essays on the estate tax $h [electronic resource]
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500 $a Source: Dissertation Abstracts International, Volume: 65-02, Section: A, page: 0614.
502 $a Thesis (Ph.D.)--University of California, Berkeley, 2003.
520 # $a Chapter two examines the effect of the estate tax on charitable bequests. The charitable deduction provides decedents with a strong incentive to make charitable bequests over bequests to other heirs. In general, previous studies find that the estate tax is a strong determinant of charitable bequests. However, the magnitude of its effect, as measured by the price elasticity, is uncertain because previous estimates suffer from many sources of bias. These sources of bias include dubious assumptions about the marital deduction and functional form, the use of the date of death rather than the date of will tax schedule, and analysis restricted to the wealthiest decedents. Using cross year variation to identify the tax price effect, this paper adds to the existing literature in several ways. First, the identification approach does not require strong assumptions about the marital deduction or functional form of the charity equation. Second, models are estimated with the date of will tax price. Finally, price elasticities are estimated for the non-wealthy portion of the wealth distribution. I find that assumptions about functional form can substantially bias the price elasticity estimates. Both the date of will and date of death tax prices are found to be significant determinants of charitable bequests. The date of will price is stronger for wealthier decedents while the date of death price is stronger for the less wealthy.
520 # $a The first chapter estimates if, and to what extent, the estate tax forces the sale of family businesses and farms. Farmers and small business owners frequently complain that the estate tax makes it difficult to pass their operations on to their heirs. If there are insufficient liquid assets in the entrepreneur's estate, the heirs may be forced to sell the enterprise in order to pay the tax. Using a previously unavailable data set created by the author, I estimate probit models that control for estate size, business value, liquidity, and demographics. I identify the tax effect using cross year variation in tax liability. The most significant tax change occurred in 1982, when estate tax liability was substantially reduced. I find that the estate tax has a positive and significant effect on sales. The elasticity of the probability of sale with respect to estate tax liability is estimated to be 0.90. Furthermore, I predict that an immediate repeal of the current estate tax will reduce the probability of sale by about 23 percent.
520 # $a This dissertation investigates the effects of estate taxation on business sales and charitable bequests.
590 $a School code: 0028.
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790 1 0 $a Auerbach, Alan J., $e advisor
791 $a Ph.D.
792 $a 2003
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