The first federal estate tax was created in 1916, with a top rate of 10 percent levied on transfers of assets to beneficiaries after one’s death. A year later in 1917, at the outset of American involvement in World War I, this essay proposed that the rate be essentially raised to 100 percent, thus ending the automatic transfer of land or inheritances from rich people to their children.
Needless to say, it didn’t pass. Through fits and starts, the rate did rise over time, currently standing at a top rate of 40 percent. But a century later in 2017, the push is in the exact opposite direction, with congressional Republicans and President Trump trying to eliminate the federal estate tax once and for all — essentially a 0 percent rate.
Conscript Inheritances, Suggests Bishop Brent: This Would Be the Reverse of Socialism, He Says, in Discussing Sacrifices That Must Be Made to Save Liberty in the World
From Sunday, May 13, 1917
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