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Abstract: 

The scheduled repeal of the estate tax in 2010 and its revival in 2011 at higher rates and a considerably lower exemption will cause Congress to focus on estate tax reform. As part of hearings conducted in 2008, Congress received testimony on the virtues of alternative systems of transfer taxation and on possible reforms to the present system. Alternatives range from outright repeal of the estate and gift tax to replacement of the present system with an inheritance tax or an accessions tax possibly coupled with the repeal of the income tax exclusion on the receipt of gifts and inheritances. While these alternative systems are worthy of consideration and provide endless fodder for academic journal articles, it seems unlikely that a critical mass exists in Congress for such radical reform. It is also unlikely that the estate tax will be abolished.

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Affiliations:  1: Loyola Marymount University; 2: Loyola Marymount University.