Federal Transfer Taxation: The Effect on Saving, Capital Accumulation, and Economic Dissipation
联邦遗产税、赠与税和隔代转移税虽仅占联邦税收的1%，但对储蓄和资本积累产生不成比例的负面经济影响，惩罚财富创造并损害整个社会。
The federal government levies taxes on property transfers at death (the estate tax), during life (the gift tax), and to grandchildren or more remote descendants (the generation-skipping tax). Referred to collectively as “transfer taxes,” these taxes attract little interest in the public policy forum because they produce little revenue—only 1% of annual federal tax revenues, and because most Americans have no first-hand experience with transfer taxes. However, transfer taxes have significantly adverse economic effects that are grossly disproportionate to the tax revenues they generate. Transfer taxes penalize success and the creation of wealth. The adverse effects of transfer taxes on saving and capital formation, therefore, are costs imposed on society as a whole.