text:
Alloy steel
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Steels and other iron–carbon alloy phases
Ferrite
Austenite
Cementite
Graphite
Martensite
Microstructures
Spheroidite
Pearlite
Bainite
Ledeburite
Tempered martensite
Widmanstatten structures
Classes
Crucible steel
Carbon steel
Spring steel
Alloy steel
Maraging steel
Stainless steel
Weathering steel
Tool steel
Other iron-based materials
Cast iron
Gray iron
White iron
Ductile iron
Malleable iron
Wrought iron
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Alloy steel is steel that is alloyed with a variety of elements in total amounts between 1.0% and 50% by weight to improve its mechanical properties. Allows is not steels are broken down arbitrary:[clarification needed] Smith and Hashemi define the difference at 4.0%, while Degarmo, et al., define it at 8.0%.[1][2] Most commonly, the phrase "alloy steel" refers to low-alloy steels.
Strictly speaking, every steel is an alloy, but not all steels are called "alloy steels". The simplest steels are iron (Fe) alloyed with carbon (C) (about 0.1% to 1%, depending on type). However, the term "alloy steel" is the standard term referring to steels with other alloying elements added deliberately in addition to the carbon. Common alloyants include manganese (the most common one), nickel, chromium, molybdenum, vanadium, silicon, and boron. Less common alloyants include aluminum, cobalt, copper, cerium, niobium, titanium, tungsten, tin, zinc, lead, and zirconium.
The following is a range of improved properties in alloy steels (as compared to carbon steels): strength, hardness, toughness, wear resistance, corrosion resistance, hardenability, and hot hardness. To achieve some of these improved properties the metal may require heat treating.
Some of these find uses in exotic and highly-demanding applications, such as in the turbine blades of jet engines, in spacecraft, and in nuclear reactors. Because of the ferromagnetic properties of iron, some steel alloys find important applications where their responses to magnetism are very important, including in electric motors and in transformers.
Contents
[hide]
1 Low-alloy steels
2 Material science
3 See also
4 References
4.1 Bibliography
Low-alloy steels[edit]
Main article: high-strength low-alloy steel
A few common low alloy steels are:
D6AC
300M
256A
Principal low-alloy steels[3]
SAE designation
Composition
13xx Mn 1.75%
40xx Mo 0.20% or 0.25% or 0.25% Mo & 0.042% S
41xx Cr 0.50% or 0.80% or 0.95%, Mo 0.12% or 0.20% or 0.25% or 0.30%
43xx Ni 1.82%, Cr 0.50% to 0.80%, Mo 0.25%
44xx Mo 0.40% or 0.52%
46xx Ni 0.85% or 1.82%, Mo 0.20% or 0.25%
47xx Ni 1.05%, Cr 0.45%, Mo 0.20% or 0.35%
48xx Ni 3.50%, Mo 0.25%
50xx Cr 0.27% or 0.40% or 0.50% or 0.65%
50xxx Cr 0.50%, C 1.00% min
50Bxx Cr 0.28% or 0.50%, and added boron
51xx Cr 0.80% or 0.87% or 0.92% or 1.00% or 1.05%
51xxx Cr 1.02%, C 1.00% min
51Bxx Cr 0.80%, and added boron
52xxx Cr 1.45%, C 1.00% min
61xx Cr 0.60% or 0.80% or 0.95%, V 0.10% or 0.15% min
86xx Ni 0.55%, Cr 0.50%, Mo 0.20%
87xx Ni 0.55%, Cr 0.50%, Mo 0.25%
88xx Ni 0.55%, Cr 0.50%, Mo 0.35%
92xx Si 1.40% or 2.00%, Mn 0.65% or 0.82% or 0.85%, Cr 0.00% or 0.65%
94Bxx Ni 0.45%, Cr 0.40%, Mo 0.12%, and added boron
ES-1 Ni 5%, Cr 2%, Si 1.25%, W 1%, Mn 0.85%, Mo 0.55%, Cu 0.5%, Cr 0.40%, C 0.2%, V 0.1%
Material science[edit]
Alloying elements are added to achieve certain properties in the material. As a guideline, alloying elements are added in lower percentages (less than 5%) to increase strength or hardenability, or in larger percentages (over 5%) to achieve special properties, such as corrosion resistance or extreme temperature stability.[2] Manganese, silicon, or aluminum are added during the steelmaking process to remove dissolved oxygen, sulfur and phosphorus from the melt. Manganese, silicon, nickel, and copper are added to increase strength by forming solid solutions in ferrite. Chromium, vanadium, molybdenum, and tungsten increase strength by forming second-phase carbides. Nickel and copper improve corrosion resistance in small quantities. Molybdenum helps to resist embrittlement. Zirconium, cerium, and calcium increase toughness by controlling the shape of inclusions. Sulfur (in the form of manganese sulfide) lead, bismuth, selenium, and tellurium increase machinability.[4] The alloying elements tend to form either solid solutions or compounds or carbides. Nickel is very soluble in ferrite; therefore, it forms compounds, usually Ni3Al. Aluminium dissolves in the ferrite and forms the compounds Al2O3 and AlN. Silicon is also very soluble and usually forms the compound SiO2•MxOy. Manganese mostly dissolves in ferrite forming the compounds MnS, MnO•SiO2, but will also form carbides in the form of (Fe,Mn)3C. Chromium forms partitions between the ferrite and carbide phases in steel, forming (Fe,Cr3)C, Cr7C3, and Cr23C6. The type of carbide that chromium forms depends on the amount of carbon and other types of alloying elements present. Tungsten and molybdenum form carbides if there is enough carbon and an absence of stronger carbide forming elements (i.e., titanium & niobium), they form the carbides W2C and Mo2C, respectively. Vanadium, titanium, and niobium are strong carbide forming elements, forming vanadium carbide, titanium carbide, and niobium carbide, respectively.[5] Alloying elements also have an effect on the eutectoid temperature of the steel. Manganese and nickel lower the eutectoid temperature and are known as austenite stabilizing elements. With enough of these elements the austenitic structure may be obtained at room temperature. Carbide-forming elements raise the eutectoid temperature; these elements are known as ferrite stabilizing elements.[6]
Principal effects of major alloying elements for steel[7]
Element
Percentage
Primary function
Aluminium 0.95–1.30 Alloying element in nitriding steels
Bismuth - Improves machinability
Boron 0.001–0.003 A powerful hardenability agent
Chromium 0.5–2 Increases hardenability
4–18 Increases corrosion resistance
Copper 0.1–0.4 Corrosion resistance
Lead - Improved machinability
Manganese 0.25–0.40 Combines with sulfur and with phosphorus to reduce the brittleness. Also helps to remove excess oxygen from molten steel.
>1 Increases hardenability by lowering transformation points and causing transformations to be sluggish
Molybdenum 0.2–5 Stable carbides; inhibits grain growth. Increases the toughness of steel, thus making molybdenum a very valuable alloy metal for making the cutting parts of machine tools and also the turbine blades of turbojet engines. Also used in rocket motors.
Nickel 2–5 Toughener
12–20 Increases corrosion resistance
Silicon 0.2–0.7 Increases strength
2.0 Spring steels
Higher percentages Improves magnetic properties
Sulfur 0.08–0.15 Free-machining properties
Titanium - Fixes carbon in inert particles; reduces martensitic hardness in chromium steels
Tungsten - Also increases the melting point.
Vanadium 0.15 Stable carbides; increases strength while retaining ductility; promotes fine grain structure. Increases the toughness at high temperatures
See also[edit]
HSLA steel
Microalloyed steel
SAE steel grades
Reynolds 531
References[edit]
Jump up ^ Smith, p. 393.
^ Jump up to: a b Degarmo, p. 112.
Jump up ^ Smith, p. 394.
Jump up ^ Degarmo, p. 113.
Jump up ^ Smith, pp. 394-395.
Jump up ^ Smith, pp. 395-396
Jump up ^ Degarmo, p. 144.
Bibliography[edit]
Degarmo, E. Paul; Black, J T.; Kohser, Ronald A. (2007), Materials and Processes in Manufacturing (10th ed.), Wiley, ISBN 978-0-470-05512-0 .
Groover, M. P., 2007, p. 105-106, Fundamentals of Modern Manufacturing: Materials, Processes and Systems, 3rd ed, John Wiley & Sons, Inc., Hoboken, NJ, ISBN 978-0-471-74485-6.
Smith, William F.; Hashemi, Javad (2001), Foundations of Material Science and Engineering (4th ed.), McGraw-Hill, p. 394, ISBN 0-07-295358-6
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Estate tax in the United States
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The estate tax(also known as the Death Tax) in the United States is a tax on the transfer of the estate of a deceased person. The tax applies to property that is transferred via a will or according to state laws of intestacy. Other transfers that are subject to the tax can include those made through an intestate estate or trust, or the payment of certain life insurance benefits or financial account sums to beneficiaries. The estate tax is one part of the Unified Gift and Estate Tax system in the United States. The other part of the system, the gift tax, applies to transfers of property during a person's life.
In addition to the federal estate tax, many states have enacted similar taxes. These taxes may be termed an "inheritance tax." The tax is often the subject of political debate, and opponents of the estate tax call it the "death tax".[1]
If an asset is left to a spouse or a federally recognized charity, the tax usually does not apply. In addition, a maximum amount, varying year by year, can be given by an individual, before and/or upon their death, without incurring federal gift or estate taxes:[2] $5,340,000 for estates of persons dying in 2014[3] and 2015,[4] $5,450,000 (effectively $10.90 million per married couple) for estates of persons dying in 2016.[5] Because of these exemptions, it is estimated that only the largest 0.2% of estates in the U.S. will pay the tax.[6]
Contents
[hide]
1 Federal estate tax
1.1 The "gross estate"
1.2 Deductions and the taxable estate
1.3 Tentative tax
1.4 Credits against tax
1.5 Portability
1.6 Requirements for filing return and paying tax
1.7 Exemptions and tax rates
1.8 Puerto Rico and other U.S. possessions
1.9 Non-residents
1.10 Noncitizen spouse
2 Estate and inheritance taxes at the state level
3 Tax mitigation
4 History
5 Debate
5.1 Arguments in support
5.2 Arguments against
5.3 The term "death tax"
6 IRS audits
7 Related taxes
8 See also
9 References
10 Further reading
11 External links
Federal estate tax[edit]
Estate tax returns as a percentage of adult deaths, 1982–2008.[7]
The federal estate tax is imposed "on the transfer of the taxable estate of every decedent who is a citizen or resident of the United States."[8] The starting point in the calculation is the "gross estate."[9] Certain deductions from the "gross estate" are allowed to arrive at the "taxable estate."
The "gross estate"[edit]
The "gross estate" for federal estate tax purposes often includes more property than that included in the "probate estate" under the property laws of the state in which the decedent lived at the time of death. The gross estate (before the modifications) may be considered to be the value of all the property interests of the decedent at the time of death. To these interests are added the following property interests generally not owned by the decedent at the time of death:
the value of property to the extent of an interest held by the surviving spouse as a "dower or curtesy";[10]
the value of certain items of property in which the decedent had, at any time, made a transfer during the three years immediately preceding the date of death (i.e., even if the property was no longer owned by the decedent on the date of death), other than certain gifts, and other than property sold for full value;[11]
the value of certain property transferred by the decedent before death for which the decedent retained a "life estate", or retained certain "powers";[12]
the value of certain property in which the recipient could, through ownership, have possession or enjoyment only by surviving the decedent;[13]
the value of certain property in which the decedent retained a "reversionary interest", the value of which exceeded five percent of the value of the property;[14]
the value of certain property transferred by the decedent before death where the transfer was revocable;[15]
the value of certain annuities;[16]
the value of certain jointly owned property, such as assets passing by operation of law or survivorship, i.e. joint tenants with rights of survivorship or tenants by the entirety, with special rules for assets owned jointly by spouses.;[17]
the value of certain "powers of appointment";[18]
the amount of proceeds of certain life insurance policies.[19]
The above list of modifications is not comprehensive.
As noted above, life insurance benefits may be included in the gross estate (even though the proceeds arguably were not "owned" by the decedent and were never received by the decedent). Life insurance proceeds are generally included in the gross estate if the benefits are payable to the estate, or if the decedent was the owner of the life insurance policy or had any "incidents of ownership" over the life insurance policy (such as the power to change the beneficiary designation). Similarly, bank accounts or other financial instruments which are "payable on death" or "transfer on death" are usually included in the taxable estate, even though such assets are not subject to the probate process under state law.
Deductions and the taxable estate[edit]
Once the value of the "gross estate" is determined, the law provides for various "deductions" (in Part IV of Subchapter A of Chapter 11 of Subtitle B of the Internal Revenue Code) in arriving at the value of the "taxable estate." Deductions include but are not limited to:
Funeral expenses, administration expenses, and claims against the estate;[20]
Certain charitable contributions;[21]
Certain items of property left to the surviving spouse.[22]
Beginning in 2005, inheritance or estate taxes paid to states or the District of Columbia.[23]
Of these deductions, the most important is the deduction for property passing to (or in certain kinds of trust, for) the surviving spouse, because it can eliminate any federal estate tax for a married decedent. However, this unlimited deduction does not apply if the surviving spouse (not the decedent) is not a U.S. citizen.[24] A special trust called a Qualified Domestic Trust or QDOT must be used to obtain an unlimited marital deduction for otherwise disqualified spouses.[25]
Tentative tax[edit]
The tentative tax is based on the tentative tax base, which is the sum of the taxable estate and the "adjusted taxable gifts" (i.e., taxable gifts made after 1976). For decedents dying after December 31, 2009, the tentative tax will, with exceptions, be calculated by applying the following tax rates:
Lower Limit
Upper Limit
Initial Taxation
Further Taxation
0 $10,000 $0 18% of the amount
$10,000 $20,000 $1,800 20% of the excess
$20,000 $40,000 $3,800 22% of the excess
$40,000 $60,000 $8,200 24% of the excess
$60,000 $80,000 $13,000 26% of the excess
$80,000 $100,000 $18,200 28% of the excess
$100,000 $150,000 $23,800 30% of the excess
$150,000 $250,000 $38,800 32% of the excess
$250,000 $500,000 $70,800 34% of the excess
$500,000 $750,000 $155,800 37% of the excess
$750,000 $1,000,000 $248,300 39% of the excess
$1,000,000 and over $345,800 40% of the excess
--Internal Revenue Code section 2001(c), as amended by section 302(a)(2) of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (H.R. 4853), Pub. L. No. 111-312, 124 Stat. 3296, 3301 (Dec. 17, 2010), as amended by section 101(c)(1) of the American Taxpayer Relief Act of 2012; see "Instructions for Form 706 (Rev. August 2013)," page 5, Internal Revenue Service, U.S. Dep't of the Treasury, at (PDF)
The tentative tax is reduced by gift tax that would have been paid on the adjusted taxable gifts, based on the rates in effect on the date of death (which means that the reduction is not necessarily equal to the gift tax actually paid on those gifts).
Credits against tax[edit]
There are several credits against the tentative tax, the most important of which is a "unified credit" which can be thought of as providing for an "exemption equivalent" or exempted value with respect to the sum of the taxable estate and the taxable gifts during lifetime.
For a person dying during 2006, 2007, or 2008, the "applicable exclusion amount" is $2,000,000, so if the sum of the taxable estate plus the "adjusted taxable gifts" made during lifetime equals $2,000,000 or less, there is no federal estate tax to pay. According to the Economic Growth and Tax Relief Reconciliation Act of 2001, the applicable exclusion increased to $3,500,000 in 2009, and the estate tax was repealed for estates of decedents dying in 2010, but then the Act was to "sunset" in 2011 and the estate tax was to reappear with an applicable exclusion amount of only $1,000,000.
The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 became law on December 17, 2010. The 2010 Act changed, among other things, the rate structure for estates of decedents dying after December 31, 2009, subject to certain exceptions. It also served to reunify the estate tax credit (aka exemption equivalent) with the federal gift tax credit (aka exemption equivalent). The gift tax exemption is equal to $5,250,000[26] for estates of decedents dying in 2013, and $5,340,000 for estates of decedents dying in 2014.[27]
The 2010 Act also provided portability to the credit, allowing a surviving spouse to use that portion of the pre-deceased spouse's credit that was not previously used (e.g. a husband died, used $3 million of his credit, and filed an estate tax return. At his wife's subsequent death, she can use her $5 million credit plus the remaining $2 million of her husband's). If the estate includes property that was inherited from someone else within the preceding 10 years, and there was estate tax paid on that property, there may also be a credit for property previously taxed.
Because of these exemptions, only the largest 0.2% of estates in the US will have to pay any estate tax.[6]
Before 2005, there was also a credit for non-federal estate taxes, but that credit was phased out by the Economic Growth and Tax Relief Reconciliation Act of 2001.
Portability[edit]
The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 authorizes the personal representative of estates of decedents dying on or after January 1, 2011, to elect to transfer any unused estate tax exclusion amount to the surviving spouse, in a concept known as portability. The amount received by the surviving spouse is called the deceased spousal unused exclusion, or DSUE, amount. If the personal representative of the decedent’s estate elects transfer, or portability, of the DSUE amount, the surviving spouse may apply the DSUE amount received from the estate of his or her last deceased spouse against any tax liability arising from subsequent lifetime gifts and transfers at death. The portability exemption is claimed by filing Form 706, specifically Part 6 of the estate tax return. Whether the personal representative has an obligation to make the portability election is presently unclear.
Requirements for filing return and paying tax[edit]
For estates larger than the current federally exempted amount, any estate tax due is paid by the executor, other person responsible for administering the estate, or the person in possession of the decedent's property. That person is also responsible for filing a Form 706 return with the Internal Revenue Service (IRS). In addition, the form must be filed if the decedent's spouse wishes to claim any of the decedent's remaining estate/gift tax exemption.
The return must contain detailed information as to the valuations of the estate assets and the exemptions claimed, to ensure that the correct amount of tax is paid. The deadline for filing the Form 706 is 9 months from the date of the decedent's death. The payment may be extended, but not to exceed 12 months, but the return must be filed by the 9-month deadline.
Exemptions and tax rates[edit]
Year
Exclusion
Amount
Max/Top
tax rate
2001 $675,000 55%
2002 $1 million 50%
2003 $1 million 49%
2004 $1.5 million 48%
2005 $1.5 million 47%
2006 $2 million 46%
2007 $2 million 45%
2008 $2 million 45%
2009 $3.5 million 45%
2010 Repealed
2011 $5 million 35%
2012 $5.12 million 35%
2013 $5.25 million[28] 40%
2014 $5.34 million[29] 40%
2015 $5.43 million[30] 40%
2016 $5.45 million[5] 40%
2017 $5.49 million 40%
As noted above, a certain amount of each estate is exempted from taxation by the law. Below is a table of the amount of exemption by year an estate would expect. Estates above these amounts would be subject to estate tax, but only for the amount above the exemption.
For example, assume an estate of $3.5 million in 2006. There are two beneficiaries who will each receive equal shares of the estate. The maximum allowable credit is $2 million for that year, so the taxable value is therefore $1.5 million. Since it is 2006, the tax rate on that $1.5 million is 46%, so the total taxes paid would be $690,000. Each beneficiary will receive $1,000,000 of untaxed inheritance and $405,000 from the taxable portion of their inheritance for a total of $1,405,000. This means the estate would have paid a taxable rate of 19.7%.
As shown, the 2001 tax act would have repealed the estate tax for one year (2010) and would then have readjusted it in 2011 to the year 2002 exemption level with a 2001 top rate. That is, had no further legislation been passed, the estate of a person who deceased in the year 2010 would have been entirely exempt from tax while that of a person who deceased in the year 2011 or later would have been taxed as heavily as in 2001. However, on December 17, 2010, Congress passed the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010. Section 301 of the 2010 Act reinstated the federal estate tax. The new law set the exemption for U.S. citizens and residents at $5 million per person,[31] and it provided a top tax rate of 35 percent for the years 2011 and 2012.[32]
On January 1, 2013, the American Taxpayer Relief Act of 2012 was passed which permanently establishes an exemption of $5 million (as 2011 basis with inflation adjustment) per person for U.S. citizens and residents, with a maximum tax rate of 40% for the year 2013 and beyond.[33]
The permanence of this regulation is not ensured: the fiscal year 2014 budget called for lowering the estate tax exclusion, the generation-skipping transfer tax and the gift-tax exemption back to levels of 2009 as of the year 2018.[34]
Puerto Rico and other U.S. possessions[edit]
A decedent who is a U.S. citizen born in Puerto Rico and resident at the time of death in a U.S. possession (i.e., PR) is generally treated, for federal tax purposes, as though he or she were a nonresident who is not a citizen of the United States,[35] so the $5 million exemption does not apply to such a person's estate. For U.S. estate tax purposes, a U.S. resident is someone who had a domicile in the United States at the time of death. A person acquires a domicile by living in a place for even a brief period of time, as long as the person had no intention of moving from that place.[36]
Non-residents[edit]
The $5 million exemption specified in the Acts of 2010 and 2012 (cited above) applies only to U.S. citizens or residents, not to non-resident aliens. Non-resident aliens have only a $60,000 exclusion; this amount may be higher if a gift and estate tax treaty applies.
For estate tax purposes, the test is different in determining who is a non-resident alien (NRA), compared to the one for income tax purposes (the inquiry centers around the decedent's domicile). This is a subjective test that looks primarily at intent. The test considers factors such as the length of stay in the United States; frequency of travel, size, and cost of home in the United States; location of family; participation in community activities; participation in U.S. business and ownership of assets in the United States; and voting. A foreigner can be a U.S. resident for income tax purposes, but not be domiciled for estate tax purposes.
An NRA is subject to a different estate tax regime than a U.S. taxpayer. The estate tax is imposed only on the part of the gross NRA's estate that at the time of death is situated in the United States. These rules may be ameliorated by an estate tax treaty. The U.S. does not maintain as many estate tax treaties as income tax treaties, but there are estate tax treaties in place with many of the major European countries, Australia, and Japan.
U.S. real estate owned by the NRA through a foreign corporation is not included in an NRA's estate. The corporation must have a business purpose and activity, lest it be deemed a sham designed to avoid U.S. estate taxes.
See also: Gift tax in the United States § Non-residents
Noncitizen spouse[edit]
The estate tax of a deceased spouse depends on the citizenship of the surviving spouse.
All property held jointly with a surviving noncitizen spouse is considered to belong entirely to the gross estate of the deceased, except for the extent the executor can substantiate the contributions of the noncitizen surviving spouse to the acquisition of the property.[37]
U.S. citizens with a noncitizen spouse do not benefit from the same marital deductions as those with a U.S. citizen spouse.
Furthermore, the estate tax exemption is not portable among spouses if one of the spouses is a noncitizen.
See also: Gift tax in the United States § Noncitizen spouse
Estate and inheritance taxes at the state level[edit]
Currently, fifteen states and the District of Columbia have an estate tax, and six states have an inheritance tax. Maryland and New Jersey have both.[38] Some states exempt estates at the federal level. Other states impose tax at lower levels; New Jersey taxes estates beginning at $675,000.[38]
In states that impose an Inheritance tax, the tax rate depends on the status of the person receiving the property, and in some jurisdictions, how much they receive.[39] Inheritance taxes are paid not by the estate of the deceased, but by the inheritors of the estate. For example, the Kentucky inheritance tax “is a tax on the right to receive property from a decedent’s estate; both tax and exemptions are based on the relationship of the beneficiary to the decedent.”[40]
For decedents dying in calendar year 2014, 12 states (Connecticut, Delaware, Hawaii, Illinois, Maine, Massachusetts, Minnesota, New York, Oregon, Rhode Island, Vermont, and Washington) and the District of Columbia impose only estate taxes. Delaware and Hawaii allowed their taxes to expire after Congress repealed the credit for state estate taxes, but reenacted the taxes in 2010. Exemption amounts under the state estate taxes vary, ranging from the federal estate tax exemption amount or $5.34 million, indexed for inflation (two states) to $675,000 (New Jersey). The most common amount is $1 million (three states and the District of Columbia). In 2014, four states increased their exemption amounts: Minnesota (phased up to $2 million for 2018 deaths), Rhode Island ($1.5 million for 2015 deaths), and Maryland and New York (both phased their exemptions up to the federal amount for 2019 deaths). Top rates range from 12 percent to 19 percent with most states, like Minnesota, imposing a top rate of 16 percent.
Five states (Iowa, Kentucky, Nebraska, Pennsylvania, and Tennessee) impose only inheritance taxes. The Tennessee tax is scheduled to be eliminated for deaths after December 31, 2015. The exemptions under state inheritance taxes vary greatly, ranging from $500 (Kentucky and New Jersey) for bequests to unrelated individuals to unlimited exemptions (Iowa and Kentucky) for bequests to lineal heirs, such as children or parents of the decedent. No states tax bequests to surviving spouses. Top tax rates range from 4.5 percent (Pennsylvania on lineal heirs) to 18 percent (Nebraska on collateral heirs). Tennessee’s inheritance tax is calculated more like an estate tax (i.e., the tax does not vary based on the beneficiary).
Two states—New Jersey and Maryland—impose both types of taxes, but the estate tax paid is a credit against the inheritance tax, so the total tax liability is not the sum of the two, but the greater of the two taxes. Neither state taxes bequests to lineal heirs.[41]
Tax mitigation[edit]
Estate tax rates and complexity have driven a vast array of support services to assist clients with a perceived eligibility for the estate tax to develop tax avoidance techniques. Many insurance companies maintain a network of life insurance agents, all providing financial planning services, guided towards providing death benefit that covers paying estate taxes. Brokerage and financial planning firms, and charities, also use estate planning and estate tax avoidance as a marketing technique. Many law firms also specialize in estate planning, tax avoidance, and minimization of estate taxes.
Many techniques recommended by those selling products with high fees do not really avoid the estate tax. Instead they claim to provide a leveraged way to have liquidity to pay for the tax at the time of death. It is very important for those whose primary wealth is in a business they own, or real estate, or stocks, to seek professional legal advice. In one technique marketed by commissioned agents, an irrevocable life insurance trust is recommended, where the parents give their children funds to pay the premiums on life insurance on the parents.
Structured in this way, life insurance proceeds can be free of estate tax. However, if the parents have a very high net worth and the life insurance policy would be inadequate in size due to the limits in premiums, a charitable remainder trust (CRT) may be recommended, but should be critically reviewed. The client, however, may lose access to the asset placed in the CRT. Proponents of the estate tax, and lobbyists for high commission financial products, argue the tax should be maintained to encourage this form of charity.
History[edit]
Taxes which apply to estates or to inheritance in the United States trace back to the 18th century. According to the IRS, a temporary stamp tax in 1797 applied a tax of varying size depending on the size of the bequest, ranging from 25 cents for a bequest between $50–$100, to 1 dollar for each $500. The tax was repealed in 1802. In the 19th century, the Revenue Act of 1862 and the War Revenue Act of 1898 also imposed rates, but were each repealed shortly thereafter. The modern estate tax was enacted in 1916.[42][43]
The modern estate tax was temporarily phased out and repealed by tax legislation in 2001. This legislation gradually dropped the rates until they were eliminated in 2010. However, the law did not make these changes permanent and the estate tax returned in 2011.[44]
"But late in 2010, before that clause took effect, Congress passed superseding legislation that imposed a 35 percent tax in 2011 and 2012 on estate in excess of $5 million. Like the 2001 legislation, the 2010 legislation had a sunset clause so that in 2013 the estate tax would return to its 2001 level. But then on New Year's Day 2013, Congress made permanent an estate tax on estates in excess of $5 million at a rate of 40 percent."[45]
Debate[edit]
The estate tax is a recurring source of contentious political debate and political football. Generally the debate breaks down between a side which opposes any tax on inheritance, and another which considers it good policy.
Arguments in support[edit]
Proponents of the estate tax argue that large inheritances (currently those over $5 million) are a progressive and fair source of government funding. Removing the estate tax, they argue, favors only the very wealthy and leaves a greater share of the total tax burden on working taxpayers. Proponents further argue that campaigns to repeal the tax rely on public confusion about the estate tax and about tax policy more generally.[46][47] William Gale and Joel Slemrod give three reasons for taxing at the point of inheritance in their book Rethinking Estate and Gift Taxation. "First, the probate process may reveal information about lifetime economic well-being that is difficult to obtain in the course of enforcement of the income tax but is nevertheless relevant to societal notions of who should pay tax. Second, taxes imposed at death may have smaller disincentive effects on lifetime labor supply and saving than taxes that raise the same revenue (in present value terms) but are imposed during life. Third, if society does wish to tax lifetime transfers among adult households, it is difficult to see any time other than death at which to assess the total transfers made."
While death may be unpleasant to contemplate, there are good administrative, equity, and efficiency reasons to impose taxes at death, and the asserted costs appear to be overblown. – William Gale and Joel Slemrod
In response to the concern that the estate tax interferes with a middle-class family's ability to pass on wealth, proponents point out that the estate tax currently affects only estates of considerable size (over $5 million, and $10 million for couples) and provides numerous credits (including the unified credit) that allow a significant portion of even large estates to escape taxation.[48] Proponents note that abolishing the estate tax will result in tens of billions of dollars being lost annually from the federal budget.[49] Proponents of the estate tax argue that it serves to prevent the perpetuation of wealth, free of tax, in wealthy families and that it is necessary to a system of progressive taxation.[50]
A driving force behind support for the estate tax is the concept of equal opportunity as a basis for the social contract. This viewpoint highlights the association between wealth and power in society – material, proprietary, personal, political, social. Arguments that justify wealth disparities based on individual talents, efforts, or achievements, do not support the same disparities where they result from the dead hand. These views are bolstered by the concept that those who enjoy a privileged position in society should have a greater obligation to pay for its costs. The strength of political opposition to the estate tax, proponents argue, would not be found under a veil of ignorance, in which policy makers were kept from knowing the wealth of their own families.[51][unreliable source?]
Winston Churchill argued that estate taxes are "a certain corrective against the development of a race of idle rich". This issue has been referred to as the "Carnegie effect," for Andrew Carnegie. Carnegie once commented, "The parent who leaves his son enormous wealth generally deadens the talents and energies of the son, and tempts him to lead a less useful and less worthy life than he otherwise would’." Some research suggests that the more wealth that older people inherit, the more likely they are to leave the labor market.[52] A 2004 report by the Congressional Budget Office found that eliminating the estate tax would reduce charitable giving by 6–12 percent.[53] Chye-Ching Huang and Nathaniel Frentz of the Center on Budget and Policy Priorities assert that repealing the estate tax "would not substantially affect private saving...." and that repeal would increase government deficits, thereby reducing the amount of capital available for investment.[54] In the 2006 documentary, The One Percent, Robert Reich commented, "If we continue to reduce the estate tax on the schedule we now have, it means that we are going to have the children of the wealthiest people in this country owning more and more of the assets of this country, and their children as well.... It's unfair; it's unjust; it's absurd."
Proponents of the estate tax tend to object to characterizations that it operates as a "double tax." They point out many of the earnings subject to estate tax were never taxed because they were "unrealized" gains.[48] Others describe this point as a red herring given common overlapping of taxes. Chye-Ching Huang and Nathaniel Frentz of the Center on Budget and Policy Priorities assert that large estates "consist to a significant degree of 'unrealized' capital gains that have never been taxed...."[54]
Supporters of the estate tax argue there is longstanding historical precedent for limiting inheritance, and note current generational transfers of wealth are greater than they have been historically. In ancient times, funeral rites for lords and chieftains involved significant wealth expenditure on sacrifices to religious deities, feasting, and ceremonies. The well-to-do were literally buried or burned along with most of their wealth. These traditions may have been imposed by religious edict but they served a real purpose, which was to prevent accumulation of great disparities of wealth, which, estate tax proponents suggest, tended to avoid destabilizing societies and prevented social imbalance, eventual revolution, or disruption of functioning economic systems.
Economist Jared Bernstein has said: "People call it the 'Paris Hilton tax' for a reason, we live in an economy now where 40 percent of the nation's wealth accumulates to the top 1 percent. And when these folks leave bequests to their heirs, we're talking about bequests in the tens of millions".[55] Free market supporters of the tax would argue that people should be able to get to the top of the market through earning wealth, based on meritocratic competition, not through unearned, inherited handouts. Unearned transfers of wealth work against the free market by creating a disincentive of hard work in the recipients, and others in the market.[56] If the income from estate tax is reduced, this would have to be made up broadly through taxes on working people. Accordingly, if estate tax was increased relative to other taxes, Irwin Stelzer argues it could pay for "lowering the marginal tax rate faced by all earners. Reduce taxes on the pay for that extra work, and you will get more of it; reduce taxes on the profits from risk-taking, and entrepreneurs will take more chances and create more jobs. Reduce the taxes on recipients of inheritances, on the other hand, and they will work less and be less likely to start up new businesses..".[57]
Unhindered inheritance has another possible influence on some in the market; if many of the wealthiest in the country acquired their wealth through inheritance, while contributing nothing to the market personally to get there, people at the lower end of the market may have equal economic potential as many of those receiving some of this 40 percent of wealth, but did not have the luck of being born to wealthy parents. The disparity in fair chance of acquiring initial wealth, on top of pre-existing differences in non fiscal sustenance like differing qualities of education, inherited work ethic, and valuable connections, causes resentment and the perception that hard work is of diminished importance, when some, due to bad luck will struggle to afford the basics of living even at maximum effort, while others may never need to work, and even present this lifestyle as ideal.[citation needed]. The disparity in initial gifted wealth also means a reduced ability for some to accumulate wealth; it is a lot easier to put money aside if you inherited a house and do not have to rent one.[56] These factors create a system perceived to be rigged against those who are not from wealthy families, along with political instability.[58] Reducing estate tax exacerbates this situation, while increasing estate tax promotes a fairer free market, especially if this excess wealth is used to encourage productivity, while also encouraging wealthy parents to focus on providing the best skills and education for their children.[57] Michael J. Gratz has said: "Indeed, that's what the case for the estate tax boils down to: basic fairness. The tax affects a small number of people who inherit large amounts of wealth—and who can afford to give up a portion of their windfall to help finance their government."[59]
Arguments against[edit]
In arguing against the U.S. federal estate tax, the Investor's Business Daily has editorialized that "People should not be punished because they work hard, become successful and want to pass on the fruits of their labor, or even their ancestors' labor, to their children. As has been said, families shouldn't be required to visit the undertaker and the tax collector on the same day.".[60] As the Tax Foundation notes, because the tax can be avoided with careful estate planning, estate taxes are effectively 'penalties imposed on those who neglect to plan ahead or who retain unskilled estate planners' rather than actual taxes."[61]
Some free market critics of the estate tax contend that proponents assume the superiority of socialist/collectivist economic models. Under this view, proponents of the tax commonly argue that "excess wealth" should be taxed without offering a definition of what "excess wealth" could possibly mean and why it would be undesirable if procured through legal efforts.[citation needed] Such statements are seen to exhibit a predilection for collectivist principles that opponents of the estate tax oppose.[60][62][63]
A disparity between rates may encourage wealthy individuals to relocate to avoid or minimize taxation. This moves the wealth – and all associated future tax revenue – outside the United States. As a result of transferring wealth abroad, the 'estimated' tax generation claimed by proponents of the estate tax will likely be far less than that claimed and will likely lower the future tax base within the United States.[citation needed] However, most countries have inheritance tax at similar or higher rates.[64]
The Tax Foundation has published research suggesting that the estate tax acts as a strong disincentive toward entrepreneurship. Their 1994 study[citation needed] found that the estate tax’s 55 percent rate at the time had roughly the same disincentive effect as doubling an entrepreneur’s top effective marginal income tax rate. The estate tax has also been found to impose a large compliance burden on the U.S. economy.[citation needed] Similar past economic studies from the same group[citation needed] have estimated the compliance costs of the federal estate tax to be roughly equal to the amount of revenue raised – nearly five times more costly per dollar of revenue than the federal income tax – making it one of the nation’s most inefficient revenue sources.[61]
Another argument against the estate tax is that the tax obligation in itself can assume a disproportionate role in planning, possibly overshadowing more fundamental decisions about the underlying assets. In certain cases, this is claimed to create an undue burden. For example, pending estate taxes could become an artificial disincentive to further investment in an otherwise viable business – increasing the appeal of tax- or investment-reducing alternatives such as liquidation, downsizing, divestiture, or retirement. This could be especially true when an estate's value is about to surpass the exemption equivalent amount. Older individuals owning farms or small businesses, when weighing ongoing investment risks and marginal rates of return in light of tax factors, may see less value in maintaining these taxable enterprises. They may instead decide to reduce risk and preserve capital, by shifting resources, liquidating assets, and using tax avoidance techniques such as insurance policies, gift transfers, trusts, and tax free investments[65]
Another argument is that the estate tax burdens farmers because agriculture involves the use of many capital assets, such as land and equipment, to generate the same amount of income that other types of businesses generate with fewer assets. Individuals, partnerships, and family corporations own 98 percent of the nation’s 2.2 million farms and ranches. The estate tax may force surviving family members to sell land, buildings, or equipment to keep their operation going.[66] The National Farmers Union advocated relief for farmers by increasing the exemption per estate to $5 million.[67] Americans Standing for the Simplification of the Estate Tax advocates relief for farmers and small business owners by eliminating death as a taxable event in what the group describes as a down payment on their estate taxes during their earning years.[68] Along these lines, the American Solution for Simplifying the Estate Tax Act, or ‘ASSET Act’, of 2014 (H.R. 5872) was introduced on December 11, 2014 to the 113th Congress by Rep. Andy Harris.[69]
Another argument is that the estate tax is detrimental to the public good. In an article in Washington Examiner, Michael Shindler argues that "the inheritance of multigenerational wealth allows people, especially young people, to comfortably pursue callings that, despite their vital importance to human flourishing, are typically uncompensated by the market" and cites Lord Byron, Thomas Jefferson, and Ludwig Wittgenstein as examples of such individuals. Similarly, Shindler also argues that "whereas in Europe museums, theaters, symphony halls, and other cultural institutions are typically government-subsidized, here they gain the bulk of their funding from the generosity of philanthropic foundations founded and sustained by the stewards of multigenerational wealth....Consequently, American culture is less an expression of the whims of bureaucrats and more a manifestation of the will of its citizenry."[70]
The term "death tax"[edit]
The caption for section 303 of the Internal Revenue Code of 1954, enacted on August 16, 1954, refers to estate taxes, inheritance taxes, legacy taxes and succession taxes imposed because of the death of an individual as "death taxes". That wording remains in the caption of the Internal Revenue Code of 1986, as amended.[71] The term "death tax" is also a neologism used by critics to describe the U.S. federal estate tax in a way that conveys a negative connotation.
On July 1, 1862, the U.S. Congress enacted a "duty or tax" with respect to certain "legacies or distributive shares arising from personal property" passing, either by will or intestacy, from deceased persons.[72] The modern U.S. estate tax was enacted on September 8, 1916 under section 201 of the Revenue Act of 1916. Section 201 used the term "estate tax".[73][74] According to Professor Michael Graetz of Columbia Law School and professor emeritus at Yale Law School, opponents of the estate tax began calling it the "death tax" in the 1940s.[75] The term "death tax" more directly refers back to the original use of "death duties" to address the fact that death itself triggers the tax or the transfer of assets on which the tax is assessed.
Many opponents of the estate tax refer to it as the "death tax" in their public discourse partly because a death must occur before any tax on the deceased's assets can be realized and also because the tax rate is determined by the value of the deceased's persons assets rather than the amount each inheritor receives. Neither the number of inheritors nor the size of each inheritor's portion factors into the calculations for rate of the estate tax.
Proponents of the tax say the term "death tax" is imprecise, and that the term has been used since the nineteenth century to refer to all the death duties applied to transfers at death: estate, inheritance, succession and otherwise.[76]
Chye-Ching Huang and Nathaniel Frentz of the Center on Budget and Policy Priorities assert that the claim that the estate tax is best characterized as a "death tax" is a myth, and that only the richest 0.14% of estates owe the tax.[77]
Political use of "death tax" as a synonym for "estate tax" was encouraged by Jack Faris of the National Federation of Independent Business[78] during the Speakership of Newt Gingrich.
Well-known Republican pollster Frank Luntz wrote that the term "death tax" "kindled voter resentment in a way that 'inheritance tax' and 'estate tax' do not".[79]
Linguist George Lakoff, a member of Spain's Socialist Party's think tank, states that the term "death tax" is a deliberate and carefully calculated neologism used as a propaganda tactic to aid in efforts to repeal estate taxes. The use of "death tax" rather than "estate tax" in the wording of questions in the 2002 National Election Survey was correlated with an increased support for estate tax repeal by a few percentage points.[80]
In 2016, presidential candidate Donald Trump released a health care plan which used the term "death penalty" in the context of health savings accounts which would pass tax-free to the heirs of an estate.[81]
IRS audits[edit]
In July 2006, the IRS confirmed that it planned to cut the jobs of 157 of the agency’s 345 estate tax lawyers, plus 17 support personnel, by October 1, 2006. Kevin Brown, an IRS deputy commissioner, said that he had ordered the staff cuts because far fewer people were obliged to pay estate taxes than in the past.
Estate tax lawyers are the most productive tax law enforcement personnel at the IRS, according to Brown. For each hour they work, they find an average of $2,200 of taxes that people owe the government.[48]
Related taxes[edit]
The federal government also imposes a gift tax, assessed in a manner similar to the estate tax. One purpose is to prevent a person from avoiding paying estate tax by giving away all his or her assets before death.
There are two levels of exemption from the gift tax. First, transfers of up to (as of 2013) $14,000 per (recipient) person per year are not subject to the tax. Individuals can make gifts up to this amount to each of as many people as they wish each year. In a marriage, a couple can pool their individual gift exemptions to make gifts worth up to $28,000 per (recipient) person per year without incurring any gift tax. Second, there is a lifetime credit on total gifts until a combined total of $5,250,000 (not covered by annual exclusions) has been given.
In many instances, an estate planning strategy is to give the maximum amount possible to as many people as possible to reduce the size of the estate, the effectiveness of which depends on the lifespan of the donor and the number of donees. (This also gives the donees immediate use of the assets, while the donor is alive to see them enjoy it.)
Furthermore, transfers (whether by bequest, gift, or inheritance) in excess of $5 million (tied to inflation in the same manner as the estate tax exemption) may be subject to a generation-skipping transfer tax if certain other criteria are met.
See also[edit]
Lyeth v. Hoey
References[edit]
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Jump up ^ "Estate Tax" irs.gov, Retrieved 2011-09-29
Jump up ^ Revenue Procedure 2013-35, Section 3.32, Internal Revenue Service, U.S. Dep't of the Treasury.
Jump up ^ Revenue Procedure 2014-61, Section 3.33, Internal Revenue Service, U.S. Dep't of the Treasury.
^ Jump up to: a b "What's New – Estate and Gift Tax". www.irs.gov. Retrieved 2015-12-11.
^ Jump up to: a b Huang, Chye-Ching; DeBot, Brandon. "Ten Facts You Should Know About the Federal Estate Tax". Center on Budget and Policy Priorities. Retrieved 18 April 2015.
Jump up ^ IRS, SOI Tax Stats – Historical Table 17
Jump up ^ See 26 U.S.C. § 2001(a).
Jump up ^ Defined at 26 U.S.C. § 2031 and 26 U.S.C. § 2033.
Jump up ^ See 26 U.S.C. § 2034.
Jump up ^ See 26 U.S.C. § 2035.
Jump up ^ See 26 U.S.C. § 2036.
Jump up ^ See 26 U.S.C. § 2037(a)(1).
Jump up ^ See 26 U.S.C. § 2037(a)(2).
Jump up ^ See 26 U.S.C. § 2038.
Jump up ^ See 26 U.S.C. § 2039.
Jump up ^ See 26 U.S.C. § 2040.
Jump up ^ See 26 U.S.C. § 2041.
Jump up ^ See 26 U.S.C. § 2042.
Jump up ^ See 26 U.S.C. § 2053.
Jump up ^ See 26 U.S.C. § 2055.
Jump up ^ See 26 U.S.C. § 2056.
Jump up ^ See 26 U.S.C. § 2058.
Jump up ^ See 26 U.S.C. § 2056(d).
Jump up ^ See 26 U.S.C. § 2056A.
Jump up ^ (PDF) Rev. Proc. 2013-15 (see page 11, item 13)
Jump up ^ Rev. Proc. 2013-35, Internal Revenue Service, U.S. Dep't of the Treasury.
Jump up ^ https://www.irs.gov/uac/Newsroom/Annual-Inflation-Adjustments-for-2013
Jump up ^ https://www.irs.gov/uac/Newsroom/In-2014,-Various-Tax-Benefits-Increase-Due-to-Inflation-Adjustments
Jump up ^ "What's New - Estate and Gift Tax". irs.gov.
Jump up ^ Internal Revenue Code section 2010(c), as amended by section 302(a)(1) of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (H.R. 4853), Pub. L. No. ___-___, ___ Stat. ___ (Dec. 17, 2010).
Jump up ^ See Title III of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (H.R. 4853), Pub. L. No. ___-___, ___ Stat. ___ (Dec. 17, 2010).
Jump up ^ http://www.gpo.gov/fdsys/pkg/BILLS-112hr8eas/pdf/BILLS-112hr8eas.pdf
Jump up ^ Coming soon: More estate-tax battles, Market Watch, Wall Street Journal, 29 April 2013 (downloaded 18 July 2013)
Jump up ^ 26 USC section 2209, at law.cornell.edu
Jump up ^ IRS Form 706 at
Jump up ^ William P. Elliott, (PDF) U.S. estate and gift planning for noncitizens and non-resident aliens, downloaded 18 July 2013
^ Jump up to: a b "Does Your State Have an Estate or Inheritance Tax?". Blog.
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^ Jump up to: a b c "I.R.S. to Cut Tax Auditors". The New York Times. July 23, 2006.
Jump up ^ Stuart Taylor, "Gay Marriage and the Estate Tax", The Atlantic Monthly, June 13, 2006.
Jump up ^ "Death and Taxes", Washington Post, Editorial, June 6, 2006.
Jump up ^ Generally, see Equal opportunity and Inheritance Taxation, by Anne L. Alstott
Jump up ^ "The case for death duties". The Economist. October 25, 2007.
Jump up ^ The Estate Tax and Charitable Giving, Congressional Budget Office, July 2004.
^ Jump up to: a b Chye-Ching Huang & Nathaniel Frentz, "Myths and Realities About the Estate Tax," Aug. 29, 2013, Center on Budget and Policy Priorities, Washington, D.C., at cbpp.org (PDF)
Jump up ^ HORSLEY, SCOTT. "'Paris Hilton Tax' Vs. 'Death Tax': A Lesser-Known Fiscal Debate". NPR. NPR. Retrieved 29 October 2016.
^ Jump up to: a b Harding, Robin. "Inheritance should not be an alternative to hard work". Financial Times. FT. Retrieved 3 November 2016.
^ Jump up to: a b Stelzer, Irwin. "Listen to Adam Smith: inheritance tax is good". www.spectator.co.uk. Spectator. Retrieved 5 January 2017.
Jump up ^ Acemoglu, Daron; Robinson, James (2012). ""Why Nations Fail Today"". Why Nations Fail: The Origins of Power, Prosperity and Poverty. New York: Crown Business Publishing. pp. 369–403. ISBN 9780307719225. When extractive institutions create huge inequalities in society and great wealth and unchecked power for those in control, there will be many wishing to fight to take control of the state and institutions. Extractive institutions then not only pave the way for the next regime, which will be even more extractive, but they also engenger continuous infighting and civil wars.... This also often starts a process of descent into lawlessness, state failure, and political chaos.
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^ Jump up to: a b "A Good Year To Die". Investor's Business Daily.
^ Jump up to: a b "Noting that this compliance burden is largely the result of widespread tax avoidance, Aaron and Munnell conclude that estate taxes are effectively 'penalties imposed on those who neglect to plan ahead or who retain unskilled estate planners' rather than actual taxes." Aaron and Munnell, The Economics of Federal Estate Taxes (page no longer available)
Jump up ^ http://bisonsurvivalblog.blogspot.com/2006_12_01_archive.html
Jump up ^ "Vol 10, No 1 – Markets & Morality". acton.org. 2007.
Jump up ^ "Twenty-seven of the 34 members of the Organisation for Economic Co-Operation and Development levied some form of estate tax, inheritance tax, or other wealth or wealth transfer tax in 2012 (the latest year for which full data are available). U.S. estate and gift tax revenues at all levels of government were well below average among these 27 countries as a share of the economy." from cbpp.org, citing Organisation for Economic Co-Operation and Development, “Revenue Statistics – Comparative tables” (retrieved January 9, 2015)
Jump up ^ http://www.heritage.org/Research/Taxes/BG1428.cfm
Jump up ^ Ron Durst. "USDA ERS - Federal Estate Taxes Affecting Fewer Farmers but the Future Is Uncertain". usda.gov.
Jump up ^ "Estate and Gift Tax Policy". National Farmers Union. Retrieved March 15, 2013. (enacted by delegates to the 110th anniversary convention, March 4–7, 2012)
Jump up ^ ASSET. "The ASSET Proposal". estatetaxsimplification.org.
Jump up ^ "Congressional Record Extensions of Remarks Articles – Congressional Record – Congress.gov – Library of Congress". congress.gov.
Jump up ^ Shindler, Michael (24 October 2017). "Trump is right: Kill the Death Tax, once and for all". Washington Examiner. Retrieved 24 October 2017.
Jump up ^ See 26 U.S.C. § 303.
Jump up ^ Section 111 of the Revenue Act of 1862, Ch. 119, 12 Stat. 432, 485 (July 1, 1862).
Jump up ^ Revenue Act of 1916, Ch. 463, sec. 201, 39 Stat. 756, 777 (Sept. 8, 1916).
Jump up ^ Darien B. Jacobson, Brian G. Raub, and Barry W. Johnson, "The Estate Tax: Ninety Years and Counting," Internal Revenue Service, U.S. Department of the Treasury, at irs.gov (PDF)
Jump up ^ "How We Got From Estate Tax To 'Death Tax'". NPR.org. 15 December 2010.
Jump up ^ The Tax That Suits the Farmer, New York Times, May 24, 1897. ("It will escape these death taxes, even, by removal from the State or by to heirs during life instead of by testament.")
Jump up ^ Chye-Ching Huang & Nathaniel Frentz, "Myths and Realities About the Estate Tax," Aug. 29, 2013, Center on Budget and Policy Priorities, Washington, D.C., at cbpp.org (PDF)
Jump up ^ Capitol Hill Memo; In 2 Parties' War of Words, Shibboleths Emerge as Clear Winner, New York Times, April 27, 2001.
Jump up ^ "Wealth and Our Commonwealth: Why America Should Tax Accumulated Fortunes"
Jump up ^ "Page Not Found" (PDF). apsanet.org.
Jump up ^ Roy, Avik (March 3, 2016). "The Most Important Thing About Donald Trump's Health Reform Plan Is That Trump Didn't Write It". Forbes. Retrieved April 13, 2016.
Further reading[edit]
Cost and Consequences of the Federal Estate Tax, A Joint Economic Committee Study, http://www.house.gov/jec/publications/109/05-01-06estatetax.pdf
New International Survey Shows U.S. Death Tax Rates Among Highest, American Council for Capital Formation, August 2007, http://www.accf.org/media/dynamic/1/media_133.pdf
Ian Shapiro and Michael J. Graetz, Death By A Thousand Cuts: The Fight Over Taxing Inherited Wealth, Princeton University Press (February, 2005), hardcover, 372 pages, ISBN 0-691-12293-8
William H. Gates, Sr. and Chuck Collins, with foreword by former Federal Reserve Chairman Paul Volcker, Wealth and Our Commonwealth: Why America Should Tax Accumulated Fortunes, Beacon Press (2003)
The Roosevelts Would Be Appalled, A history of the estate tax shows just how far both political parties are from the beliefs of Teddy and FDR, http://american.com/archive/2010/december/the-roosevelts-would-be-appalled
Brett T. Bradford. 2010. "The Estate Planning Perils of 2010 and Beyond" The Selected Works of Brett T. Bradford, http://works.bepress.com/brett_bradford/1
External links[edit]
The origin of the Federal estate tax
nodeathtax.org, American Family Business Institute, a trade association of family business owners and farmers working for repeal of the Estate Tax.
IRS publication 950, Introduction to Estate and Gift Taxes, revised October 2011.
"Estate Tax Pyramid Scheme", a June 2006 article by former US Secretary of Labor Robert Bernard Reich arguing for the estate tax.
"Death and taxes 2010" A visual guide to where your federal tax dollars (Full resolution poster)
Deathtax.com an anti-inheritance tax campaign by a Seattle family-owned newspaper.
Gross Estate and Net Estate Tax on Farms and Businesses in 2004, from the Tax Policy Center website.
...Ads exaggerate what the tax costs farmers, small businesses..., a June 2005 article from FactCheck
Death tax deception Article from Dollars & Sense magazine.
Sterling Harwood, "Is Inheritance Immoral?" in Louis P. Pojman, Political Philosophy (McGraw Hill, 2002). www.sterlingharwood.com.
David Runciman, London Review of Books, 2 June 2005, "Tax Breaks for Rich Murderers"
Wiki Legal Comment, Night of the Living Dead: Why Death Tax Won’t Stay Dead, Wiki Legal Journal This article is part of a study to determine if a wiki community can produce high quality legal research, November 18, 2006 (this comment explores the various proposals Congress has considered with a special emphasis on the interaction of estate tax on state revenue and philanthropy.).
A program at mystatewill.com gives a quick calculation of the federal estate tax.
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Just Go with It
From Wikipedia, the free encyclopedia
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This article's plot summary may be too long or excessively detailed. Please help improve it by removing unnecessary details and making it more concise. (September 2015) (Learn how and when to remove this template message)
"Pretend Wife" redirects here. It is not to be confused with The Make-Believe Wife.
Just Go with It
Theatrical release poster
Directed by
Dennis Dugan
Produced by
Adam Sandler
Jack Giarraputo
Heather Parry
Screenplay by
Allan Loeb
Timothy Dowling
Based on
Cactus Flower
by I. A. L. Diamond Cactus Flower
by Abe Burrows
Pierre Barillet
Jean Pierre-Gredy
Starring
Adam Sandler
Jennifer Aniston
Nick Swardson
Brooklyn Decker
Dave Matthews
Bailee Madison
Nicole Kidman
Music by
Rupert Gregson-Williams
Cinematography
Theo van de Sande
Edited by
Tom Costain
Production
company
Happy Madison Productions
Distributed by
Columbia Pictures
Release date
February 8, 2011 (2011-02-08) (New York City)
February 11, 2011 (2011-02-11) (United States)
Running time
117 minutes
Country
United States
Language
English
Budget
$80 million[1]
Box office
$215 million[2]
Just Go with It is a 2011 American romantic comedy film directed by Dennis Dugan, written by Allan Loeb and Timothy Dowling and starring Adam Sandler (who also co-produced), Jennifer Aniston, Nicole Kidman, Nick Swardson and Brooklyn Decker. The film is based on the 1969 film Cactus Flower, which was adapted from an earlier Broadway stage play written by Abe Burrows, which in turn was based upon the French play Fleur de cactus.
Production of the film began on March 2, 2010. The film was released on February 11, 2011 by Columbia Pictures in North America. The film grossed over $214 million, making it a box office success - however, the film received negative reviews from critics and won two Golden Raspberry Awards for Worst Actor and Worst Director.
Contents
1 Plot
2 Cast
3 Production
4 Release
5 Reception
5.1 Box office
5.2 Critical response
5.3 Accolades
5.4 Home media
6 References
7 External links
Plot[edit]
In 1988, Daniel "Danny" Maccabee (Adam Sandler), a 22-year old man, leaves his wedding right before the ceremony is about to begin after learning that his fiancee is cheating on him, and was only marrying him because he was going to be a doctor. He goes to drink alone at a bar, where a young, beautiful woman walks in. She sees that Danny has a wedding ring on his hand, and asks him about his wife, to which he explains how she recently left him for someone else, and the woman from the bar ends up sleeping with him.
Twenty-three years later, Danny (now 45-years old) is now a successful plastic surgeon in Los Angeles who feigns unhappy marriages to get women, and to avoid romantic commitment that may lead to heartbreak. The only woman aware of his schemes is his office manager and best friend Katherine Murphy (Jennifer Aniston), a divorced mother of two. At a party, Danny meets Palmer (Brooklyn Decker), a sixth grade math teacher, without his wedding ring on, and they have a connection together. The next morning, she finds the ring and assumes he is married. She refuses to date him because her parents divorced due to adultery.
Instead of telling her the truth, Danny tells her that he is getting divorced from a woman named Devlin. Danny tells Palmer that they are getting divorced because she cheated on him with a man named "Dolph Lundgren" (not the actor). Palmer then insists on meeting Devlin. Danny asks Katherine to pose as "Devlin" and they go shopping for new clothes to dress like a trophy wife.
A made-over Katherine/"Devlin" then meets with Danny and Palmer and gives them her blessing. However, after hearing Katherine talking on the phone with her kids, Palmer assumes that her kids are Danny's as well. Danny then privately meets with Katherine's kids, Maggie (Bailee Madison) and Michael (Griffin Gluck), to get them to play along and gives them the aliases of "Kiki Dee" and "Bart" respectively. Danny accepts their demands for being his fake children.
Palmer meets the kids at a play center where Maggie has adopted a fake british accent, and Michael acts very morose. They blackmail Danny in front of Palmer to take them all to Hawaii. At the airport, they are all surprised by Danny's goofball cousin Eddie (Nick Swardson), who has adopted an Austrian disguise as the "Dolph Lundgren" that Danny had made up earlier. To maintain the lies, Danny and Katherine are forced to bring him along.
At the resort in Hawaii, Danny tells Eddie that he is considering asking Palmer to marry him. Katherine and Danny also run into the real-life Devlin Adams (Nicole Kidman) and her husband Ian Maxtone-Jones (Dave Matthews). Because of Katherine and Devlin's long-time rivalry, Katherine introduces Danny as her husband rather than admit she is a single mother. Over time, Katherine is impressed by Danny and his way of fun with her kids.
Katherine again runs into Devlin, who invites her and Danny out to dinner. Eddie agrees to take Palmer out to dinner so that Danny can go with Katherine. Since he is supposed to be a sheep salesman, Eddie's cover is nearly blown when he is forced to save the life of an actual sheep who choked on a toy whistle. At dinner, Devlin asks Danny and Katherine to tell each other what they admire most about each other, and, as Danny and Katherine talk, they start to feel a connection. Later, when Palmer and Eddie return from their dinner date, Palmer suggests that she and Danny get married now, since a drunken Eddie told her about Danny's plans of engagement. Danny and Katherine are both surprised by her proposition, but Danny ultimately agrees. Danny later calls Katherine regarding his confusion, but Katherine says that she will be taking a job in New York City to get a fresh start to her life.
The next day, Palmer confronts Katherine about Danny's feelings for her, which Katherine dismisses. Katherine then runs into Devlin at a bar and admits that she pretended to be married to Danny to avoid embarrassment. Devlin confesses that she is divorcing Ian because he is gay and also that he did not invent the iPod, but made his money by suing the Los Angeles Dodgers after getting hit by a foul ball. Katherine confides in Devlin about being in love with Danny, but then Danny shows up behind her, saying that he is not marrying Palmer and that he is in love with Katherine. Meanwhile, on the plane ride back to the mainland, Palmer meets a professional tennis player (Andy Roddick) who shares her interests. Sometime later, Danny and Katherine get married.
Cast[edit]
Adam Sandler as Dr. Daniel "Danny" Maccabee
Jennifer Aniston as Katherine Murphy, later Maccabee / Devlin Maccabee
Bailee Madison as Maggie Murphy / Kiki Dee Maccabee
Griffin Gluck as Michael Murphy / Bart Maccabee
Nick Swardson as Eddie Simms / Dolph Lundgren
Brooklyn Decker as Palmer Dodge
Nicole Kidman as Devlin Adams
Dave Matthews as Ian Maxtone-Jones
Rachel Dratch as Kirsten Brant
Kevin Nealon as Adon
Heidi Montag as Kimberly
Minka Kelly as Joanna Damon
Rakefet Abergel as Patricia
Dan Patrick as Tanner Patrick
Mario Joyner as Henderson
Keegan-Michael Key as Ernesto
Allen Covert as Brian (Soul Patch)
Andy Roddick as Himself
Jake Shimabukuro as ukulele player
Unknown as the Kangaroo
Production[edit]
Originally titled "Holiday in Hawaii", and then "Pretend Wife",[3] it was released as "Just Go with It".
The film was shot in Los Angeles and the Hawaiian islands of Maui and Kauai between March 2, 2010 and May 25, 2010.[citation needed] The film is deliberately vague about which Hawaiian island its latter portion depicts; thus, the characters hike across a rope bridge on Maui and arrive in the next scene at a spectacular waterfall on Kauai, rather than the ordinary irrigation dam and pond on Maui where the actual trail terminates.
The characters stay at a Hawaiian hotel called the Waldorf Astoria. In actuality, the film was shot at the Grand Wailea in Maui, which is owned by Waldorf Astoria Hotels and Resorts.[4]
One of the film's in-jokes is the scene wherein Decker's character meets her obvious soulmate - professional tennis player Andy Roddick - as Decker and Roddick are actually married.
Release[edit]
The film was released in theaters in the United States and Canada on February 11, 2011 and in Bulgaria on March 25, 2011.
Reception[edit]
Box office[edit]
Just Go with It grossed $103 million in the U.S. and Canada and $111.9 million in other territories for a worldwide gross of $214.9 million.[5]
The film topped its opening weekend box office with $30.5 million.[6] The biggest market in other territories being Russia, where it grossed $13,174,937.[7]
Critical response[edit]
On Rotten Tomatoes, the film received a rating of 18%, based on 137 reviews, with an average rating of 3.8/10. The site's consensus reads: "Just Go With It may be slightly better than some entries in the recently dire rom-com genre, but that's far from a recommendation."[8] On Metacritic, the film has a score of 33 out of 100, based on 31 critics, indicating "generally unfavorable reviews".[9]
The Telegraph named Just Go with It in its "ten worst films of 2011" list, saying it is "a crass and overpopulated remake of Cactus Flower, served up as a mangy romcom of serial deceptions."[10] Christopher Orr of The Atlantic noted that "the title itself seems a plea for audiences' forbearance" and is part of a disappointing trend involving "the reimagining of good, if perhaps not quite classic, films associated with the latter 1960s and early 1970s."[11] Entertainment Weekly's Lisa Schwarzbaum wrote that Just Go With It "is saved from utter disaster, though, by Jennifer Aniston" who has "expert comic timing" and "plays like a grown-up."[12]
Accolades[edit]
List of awards and nominations
Award
Date of ceremony
Category
Recipients
Result
Ref
Golden Raspberry Awards April 1, 2012 Worst Actor Adam Sandler (also for Jack and Jill) Won [citation needed]
Worst Supporting Actor Nick Swardson (also for Jack and Jill) Nominated
Worst Supporting Actress Nicole Kidman Nominated
Worst Screen Couple Adam Sandler and either Jennifer Aniston or Brooklyn Decker Nominated
Worst Director Dennis Dugan (also for Jack and Jill) Won
Teen Choice Awards August 7, 2011 Choice Movie: Romantic Comedy Just Go with It Nominated [13]
Choice Movie Actor: Romantic Comedy Adam Sandler Nominated
Choice Movie Actress: Romantic Comedy Jennifer Aniston Nominated
Choice Movie Breakout: Female Brooklyn Decker Won
Choice Movie: Chemistry Adam Sandler and Jennifer Aniston Won
Home media[edit]
Sony Pictures Home Entertainment released Just Go with It on DVD and Blu-ray disc on June 7, 2011. It has so far grossed $14,535,543 in North America DVD sales.[14]
References[edit]
Jump up ^ Horn, John (February 10, 2011). "Word of Mouth: 'Just Go With It' plays the demographics". LA Times. Retrieved February 12, 2011.
Jump up ^ "Just Go With It (2011)". The Numbers. Retrieved 2011-06-19.
Jump up ^ Borys Kit (2009-12-08). "Sandler, Aniston playing 'Pretend'". The Hollywood Reporter. Nielsen Business Media. Retrieved 2010-02-07.
Jump up ^ "Grand Wailea in Maui: The Setting for "Just Go With It"". FiveStarAlliance.com. Archived from the original on 2012-05-24. Retrieved 2011-06-19.
Jump up ^ "Just Go with It". boxofficemojo.com. IMDB. Retrieved July 30, 2011.
Jump up ^ "Just Go with It Weekend Grosses". boxofficemojo.com. IMDB. Retrieved July 30, 2011.
Jump up ^ "Just Go with It Foreign Totals". boxofficemojo.com. IMDB. Retrieved July 30, 2011.
Jump up ^ "Just Go with It - Rotten Tomatoes". Retrieved 19 April 2018.
Jump up ^ "Just Go with It Reviews, Ratings, Credits". Metacritic. Retrieved 2011-02-16.
Jump up ^ "Ten worst films of 2011". The Telegraph. London. December 15, 2011. Retrieved December 17, 2011.
Jump up ^ Orr, Christopher (11 February 2011). "'Just Go With It': A Sad Union of the Saccharine and Scatological". The Atlantic. Retrieved 15 April 2012.
Jump up ^ Schwarzbaum, Lisa (11 February 2011). "Movie Review: Just Go With It". Entertainment Weekly.
Jump up ^ "Blake Lively Wins Choice TV Drama Actress The Teen Choice Awards! Here Are More Winners!". Hollywood Life. August 7, 2011. Retrieved June 19, 2014.
Jump up ^ "Just Go With It - DVD Sales". The Numbers. Retrieved 2012-03-01.
External links[edit]
Wikiquote has quotations related to: Just Go With It
Official website
Just Go with It on IMDb
Just Go with It at AllMovie
Just Go with It at Rotten Tomatoes
Just Go with It at Metacritic
Just Go with It at Box Office Mojo
show
v
t
e
Films directed by Dennis Dugan
Problem Child (1990)
Brain Donors (1992)
The Shaggy Dog (1994)
Happy Gilmore (1996)
Beverly Hills Ninja (1997)
Big Daddy (1999)
Saving Silverman (2001)
National Security (2003)
The Benchwarmers (2006)
I Now Pronounce You Chuck & Larry (2007)
You Don't Mess with the Zohan (2008)
Grown Ups (2010)
Just Go with It (2011)
Jack and Jill (2011)
Grown Ups 2 (2013)
show
v
t
e
Happy Madison Productions
Films
Deuce Bigalow: Male Gigolo (1999)
Little Nicky (2000)
The Animal (2001)
Joe Dirt (2001)
Mr. Deeds (2002)
The Master of Disguise (2002)
Eight Crazy Nights (2002)
The Hot Chick (2002)
Anger Management (2003)
Dickie Roberts: Former Child Star (2003)
50 First Dates (2004)
The Longest Yard (2005)
Deuce Bigalow: European Gigolo (2005)
Grandma's Boy (2006)
The Benchwarmers (2006)
Click (2006)
I Now Pronounce You Chuck And Larry (2007)
Reign Over Me (2007)
Strange Wilderness (2008)
The House Bunny (2008)
You Don't Mess with the Zohan (2008)
Bedtime Stories (2008)
Paul Blart: Mall Cop (2009)
The Shortcut (2009)
Funny People (2009)
Grown Ups (2010)
Just Go with It (2011)
Zookeeper (2011)
Bucky Larson: Born to Be a Star (2011)
Jack and Jill (2011)
That's My Boy (2012)
Here Comes the Boom (2012)
Grown Ups 2 (2013)
Blended (2014)
Paul Blart: Mall Cop 2 (2015)
Pixels (2015)
Joe Dirt 2: Beautiful Loser (2015)
The Ridiculous 6 (2015)
The Do-Over (2016)
Sandy Wexler (2017)
The Week Of (2018)
Television series
Rules of Engagement (2007–13)
The Gong Show with Dave Attell (2008)
Nick Swardson's Pretend Time (2010–11)
Breaking In (2011–12)
The Goldbergs (2013–present)
Imaginary Mary (2017)
Key people
Adam Sandler
Allen Covert
Jack Giarraputo
Tim Herlihy
Heather Parry
Sony Pictures Entertainment
Retrieved from "https://en.wikipedia.org/w/index.php?title=Just_Go_with_It&oldid=862057205"
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values: This claim needs references to reliable sources. (July 2018)

values: Golden Raspberry Award for Worst Supporting Actor

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values: Golden Raspberry Award for Worst Supporting Actress

values: Golden Raspberry Award for Worst Screen Combo

values: Golden Raspberry Award for Worst Director

values: Teen Choice Award for Choice Movie – Romance

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Internet Movie Database

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Sony Pictures Entertainment

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values: Category:Films scored by Rupert Gregson-Williams

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