Bequest Taxes and Accumulation of Household Wealth: U.S.-Japan Comparison
The objective of this paper is two-fold. First, we describe and compare the gift and bequest (estate) tax systems in the United States and Japan. Second, we use tax data to estimate the magnitude of inter-generational transfers. The magnitude of intergenerational transfers provides aid intermining how much outstanding wealth is obtained through intergenerational transfers, an issue of current controversy. In both Japan and the United States, a substantial portion of wealth, and especially of land in Japan, is bequeathed from a generation to next.
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|Date of creation:||Mar 1991|
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- Alicia H. Munnell & C. Nicole Ernsberger, 1988. "Wealth transfer taxation: the relative role for estate and income taxes," New England Economic Review, Federal Reserve Bank of Boston, issue Nov, pages 3-28.
- Dekle, Robert, 1989. "A simulation model of saving, residential choice, and bequests of the Japanese elderly," Economics Letters, Elsevier, vol. 29(2), pages 129-133.
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