Download This PaperGift Taxes and Lifetime Transfers: Time Series Evidence
21 Pages Posted: 7 Jun 2006
Abstract
The tax treatment of lifetime transfers was altered on a number of occasions since the enactment of the gift tax six decades ago. Trends in gifts by the wealthy show a dramatic response to these changes. In this paper, I examine this trend and gauge its response to taxes, transitory and permanent, over a period of 65 years. The results suggest that gifts are highly elastic with respect to taxes, particularly in the short run. Tax minimization seems to be an important consideration in the timing of intergenerational transfers.
Keywords: Gift tax, estate tax, capital gains tax, gifts, bequests
JEL Classification: D19, H31
Suggested Citation: Suggested Citation
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