Bequest Taxes and Accumulation of Household Wealth: U.S. - Japan Comparison
109 Pages Posted: 27 Apr 2000 Last revised: 5 Aug 2021
Date Written: May 1991
The objective of this paper is two-fold. First, we describe and compare the gift and bequest (estate) tax systems in the United States and Japan. Second, we use tax data to estimate the magnitude of intergenerational transfers. The magnitude of intergenerational transfers provides aid in determining how much outstanding wealth is obtained through intergenerational transfers, an issue of current controversy. In both Japan and the United States, a substantial portion of wealth, and especially of land in Japan, is bequeathed from one generation to the next.
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