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Unformatted text preview: Since 1976 the gift and estate taxes in the United States have been integrated, and are officially referred to as the unified transfer tax. Explain what we mean by integrated; that is, explain the link between the gift tax and the estate tax. 3. Property Tax Reform Suppose that in the city of Elko political favoritism has resulted in properties north of Main Street being assessed at only 75% of what identical properties south of Main Street are assessed, although the city provides the same public services to all of its residents. This year, however, a newly elected city council is proposing a tax reform policy under which all properties would be assessed at their full value. a. Provide an argument against this tax reform policy. b. Now provide an argument in favor of the tax reform policy....
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- Spring '08