Reforming the Gift Tax and Making it Enforceable
44 Pages Posted: 2 May 2007 Last revised: 2 Aug 2014
Date Written: August 1, 2007
Historically, the gift tax has performed the admirable role of safeguarding the integrities of both the estate and income taxes. Due to taxpayers' abilities to narrow the gift tax base and ignore their filing obligations, however, fulfillment of its historical role is now in jeopardy. This analysis details how taxpayers circumvent their gift tax obligations and then sets forth reforms that Congress can readily institute to curb taxpayers' transgressions. Institution of these recommendations would enable the gift tax to continue to fulfill its historic functions.
Keywords: gift tax, GRAT, Qprt, 2036, retained interest, integrity of the tax based, enforcement, tax gap
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