In 2017, there is a move to repeal the estate and gift tax. This tax, which...

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In 2017, there is a move to repeal the estate and gift tax. Thistax, which impacts families with asset transfers exceeding $22Million, impact few families in the U.S. discuss why so manypeople, who are not even impacted by this tax, strongly oppose it.Provide an example from your research on a case (different fromyour peers) regarding death or gift taxes and provide an analysisof the outcome of the case.

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The concept of estate and gift tax is a little disturbing to me Yes people generally do not like to pay taxes specially the rich But if I was rich I would oppose to the tax as well Isnt it implied that the money being transferred has already been declared as income by the transferee and taxes have already been paid then After taxes that money becomes liquid and because that liquid money is being transferred to someone else due to death of the transferee or because itsbeing gifted the recipient should have to pay taxes on it again In the meantime starting in January 2018 the gift tax lifetime exemption and the generationskipping exemption also See Answer

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