Yesterday I blogged about the history of the estate tax and other transfer tax laws. While the past is certainly instructive in understanding the future, to prognosticate future law, it’s also helpful to look at those proposals and suggestions which have been offered up to Congress and the White House. In March we shared President Obama’s estate tax ideas as set forth in his budget proposal. > > > Read the full article
1797. The first version of the estate tax was levied in the United States in 1797 for the specific and limited purpose of funding the formation of the U.S. Navy.
1862. The Revenue Act of 1862 enacted an inheritance tax and introduced a gift tax for the first time in order to specifically fund the Civil War effort. > > > Read the full article