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In 2017, there is a move to repeal the estate and gift tax. This tax, which...

In 2017, there is a move to repeal the estate and gift tax. This tax, which impacts families with asset transfers exceeding $22 Million, impact few families in the U.S. Select an article from the CSU-Global Campus Libraryto discuss why so many people, who are not even impacted by this tax, strongly oppose it.

Provide an example from your research on a case (different from your peers) regarding death or gift taxes and provide an analysis of the outcome of the case.

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In 2017, CSU-Global commissioned a third-party economic impact study to measure the return-on-investment (ROI) of a CSU-Global education, as well as state and national indirect economic contributions made by graduates 1. THE ECONOMIC IMPACT OF CSU-GLOBAL While taking courses at the university, students receive education and training, providing them with skills that allow them to increase their productivity and command a higher wagc Each year a new cohort of CSU-Global students enters or re-enters the workforce, expanding the stock of CSU-Global skills that have been accumulating in the state since the university first started serving students. The incrcased productivity that occurs in thc workforcc as the univcrsitys studcnts apply thcir ncwly-acquircd skills to their jobs boosts the competitivencss of Colorado industrics, as the cmploycrs of CSU-Globals students enjoy the fruits of this incrcased productivity in the form of higher profits. The business community as a whole benefits from the increased spending that occurs across the state. During the analysis ycar, past and present students of CSU-Global gencrated $16 million in added income for the state. This $16 million in added incomc is cquivalcnt to supporting 196 jobs. Table 1 lists the top industrics impactcod by the $16 million in added income. Thesc are determincd by the industrics cmploying CSU-Global alumni and the associated multiplicr effects as the alumni and their cmploycrs spend more. For example, CSU-Global alumni and associated multiplier effects supported 28 jobs in the Professional& Technical Services industry sector 2. TAXPAYER BENEFITS Benefits to taxpayers consist primarily of taxes that the government will collect from the added revenue created in the state. As CSU-Global students earn more, they will make higher tax payments. Employers will also make higher tax payments as they increase their output and purchase more supplies and services. By the end of the FY 2015-16 students working careers, the state government will have collected a present value of S54.5 million in added taxes. Benefits to taxpayers also consist of the savings generated by the improved lifestyles of students and the proportionally reduced government expenditures. Education is statistically correlated with a variety of lifestyle changes that generate taxpayer savings across three main categories1 Health, 2) crime, and 3) unemployment Improved health habits lower the students demand for national health care services. Students are also less likely to commit crimes, so the demand for law enforcement and criminal justice services is reduced (study references are available in the main report) Students are also more employable, so the demand for welfare and unemployment benefits, such as earnings assistance and welfare benefits is reduced. For a list of study references to these statistical benefits, please contact the University for a Copy of the main report. All of thesc benefits will gencratc a prescnt valuc of $26.6 million in savings to state taxpayers. Total benefits to taxpaycrs cqual $81.1 million, cqual to the sum of the added taxes and public sector savings. The Tax Cuts and Jobs Act of 2017 (the act), which was signed into law on Dec. 22, 2017, madc substantial changcs to thc Intcrnal Rcvcnuc Code, most of which went into effect on Jan. 1. Onc significant result of the passagc of the act is the doubling of the excmption amount for the fedcral cstatc, gift and gencration-skipping transfer taxcs. Bcginning in 2018, thc excmption for fedcral cstatc, gift and gencration skipping taxcs, for tax ycars 2018 through 2025, incrcases from a $5 million base, set in 2011, to a new S10 million basc. As was previously the case, the S10lion base is to be annually adjusted for inflation. Thus, after taking into account the inflation index, in 2018, thc cxcmption will be approximately S11.2 million (or $22.4 million for a married couple, when taking into account portability). Before the passage of the act, such exemptions were set to be S5.6 million (or 11.2ion for a married couple) in 2018. By doubling the exemption, each person has been given the opportunity to give away (during life or at death) a cumulative total of S11.2 million without incurring any federal gift or estate tax. This means a married couple may together give away, gift and estate tax free, a total of $22.4 milion. To the extent that assets are gifted (or remain at death) in excess of these exemption amounts, there would be a federal gift (or estate) tax imposed at the rate of 40 percen (the rate of tax is unchanged by the act)

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