In 1898, a federal legacy tax was proposed to raise revenue for the Spanish-American War. This served as a precursor to modern estate taxes. It instituted tax rates that were graduated by the size of the estate. The end of the war came in 1902, and the legacy tax was repealed later ...
The estate andgift taxexemption of $5.12 million was also scheduled to drop to $1 million. At the time, the tax on estates valued over $5.12 million was 35%. After the fiscal cliff, a 55% tax rate on estates over $1 million would have applied. Social Security Payroll Tax Rates Would...
As Windsor grieved, she was hit with$363,053 in federal inheritance taxeson her wife’s estate. Because the federal government didn’t recognize her marriage, she wasn’t eligible for the estate-tax exemption afforded to spouses. With the help of prominent civil-rights lawyer Roberta Kalpan, ...
In 1894, Al Maktoum invited all foreign traders to settle in the city granting them tax exemption. This saw a huge influx in the number of expats in Dubai who came here to take advantage of the emerging business opportunities. At that time, Dubai was still reliant on trading, fishing and ...
Transfer TaxRetained InterestsGift CompletionWhen Congress unified the federal estate and gift taxes in 1976, it only did part of the job. Congressional efforts focused almost exclusively on the exemption amounts and the rate structure. Congress shirked the more difficult task of examining and ...
History of the Crummey Trust The Crummey Trust is named for Clifford Crummey, the first successful taxpayer to use the estate planning technique described above. After he established a trust in 1962, theInternal Revenue Service (IRS)attempted to deny him and his family the annual gift tax exclus...
Edith Windsor and Thea Spyerwed in Ontario, Canada in 2007. The State of New York recognized the residents’ marriage, but the federal government did not. When Spyer died in 2009, she left her estate to Windsor; since the couple’s marriage was not federally recognized, Windsor didn’t ...
Rather than voice approval, the planning board voted to acknowledge that they simply had no authority to control the project (in fact, the Federal Aviation Administration [FAA] was the lead agency for environmental review, since the site is in the flight path of the airport’s runway). Some...
For 90 years, the federal securities laws have played a crucial role in protecting the public. These critical protections were created in the wake of the Great Depression after many Americans suffered...
, but the federal government, thanks to DOMA, did not. When Spyer died in 2009, she left her estate to Windsor; since the couple’s marriage was not federally recognized, Windsor didn’t qualify for tax exemption as a surviving spouse and the government imposed $363,000 in estate taxes....