Tax Review: Impact of Federal Estate and Gift Taxes

May 1, 1976

Dan Throop Smith

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Executive Summary
Estate and gift taxes are paid out of capital, and deplete the total supply of capital in the economy more fully than any other type of tax, says Professor Smith in this essay. He argues the revenue produced by estate taxes is minor compared to the impact on families and businesses.

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About the Author

Dan Throop Smith

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