Choosing between gifts and bequests: How taxels affect the timing of wealth transfers

• 成果类型: Article
• 署名作者: Joulfaian, D
• 署名单位: United States Department of the Treasury; George Washington University
• 刊物名称: JOURNAL OF PUBLIC ECONOMICS
• ISSN/ISSBN: 0047-2727
• DOI: 10.1016/j.jpubeco.2004.11.005
• 发表日期: 2005
• 页码: 2069-2091
• 关键词: capital gains tax; gift tax; estate tax; gifts; bequests

摘要

A number of theories have been advanced to explain the size and timing of intergenerational transfers. One factor only recently explored is the effects of taxes, and in particular the estate tax, on such transfers. This paper represents the first attempt to explore how capital gains and gift taxes, in addition to the estate tax, interact to influence incentives in the timing of transfers. Using estate tax data and exploiting variations in state inheritance, gift, and capital gains tax rates, this paper finds taxes to be an important consideration in the choice between gifts and bequests. In particular, each of capital gains and gift taxes are found to be important determinants of the timing of transfers. These findings are robust to a number of specifications that control for borrowing, charitable bequests, marital status, and the portfolio composition of wealth transfers. (c) 2005 Elsevier B.V. All rights reserved.