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Estate tax in the United States

Index Estate tax in the United States

The estate tax in the United States is a tax on the transfer of the estate of a deceased person. [1]

92 relations: Adam Smith, Alien (law), American Family Business Institute, American Taxpayer Relief Act of 2012, Americans Standing for the Simplification of the Estate Tax, Andrew Carnegie, Andy Harris (politician), Aristocracy, Asset, Center on Budget and Policy Priorities, Certified Financial Planner, Charitable organization, Chuck Collins, Concurrent estate, Courtesy tenure, David Runciman, Death, Dollars & Sense, Domicile (law), Donald Trump presidential campaign, 2016, Dower, Down payment, Economic Growth and Tax Relief Reconciliation Act of 2001, Equal opportunity, Estate (law), Estate planning, Executor, FactCheck.org, Forbes, Founding Fathers of the United States, Frank Luntz, Free market, Future interest, Generation-skipping transfer tax, George Lakoff, Gift tax, Gift tax in the United States, Health savings account, Inheritance tax, Internal Revenue Code, Internal Revenue Service, Intestacy, Investor's Business Daily, Irwin Stelzer, Jared Bernstein, Law firm, Law of agency, Life estate, Life insurance, Linguistics, ..., London Review of Books, Lord Byron, Ludwig Wittgenstein, Lyeth v. Hoey, National Farmers Union (United States), Neologism, Newt Gingrich, Opinion poll, Paris Hilton, Paul Volcker, Political football, Probate, Progressive tax, Propaganda, Republican Party (United States), Revenue Act of 1862, Revenue Act of 1916, Robert Reich, Rule against perpetuities, Social contract, Spanish Socialist Workers' Party, Tax, Tax avoidance, Tax competition, Tax Cuts and Jobs Act of 2017, Tax deduction, Tax exemption, Tax Foundation, Tax Policy Center, Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, The New York Times, The One Percent (film), The Washington Examiner, Thomas Jefferson, Totten trust, United States, Veil of ignorance, War Revenue Act of 1898, Will and testament, William H. Gates Sr., Winston Churchill, 113th United States Congress. Expand index (42 more) »

Adam Smith

Adam Smith (16 June 1723 NS (5 June 1723 OS) – 17 July 1790) was a Scottish economist, philosopher and author as well as a moral philosopher, a pioneer of political economy and a key figure during the Scottish Enlightenment era.

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Alien (law)

In law, an alien is a person who is not a national of a given country, though definitions and terminology differ to some degree.

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American Family Business Institute

The American Family Business Institute (AFBI) is a trade association of business owners, farmers, and entrepreneurs working for permanent repeal of the federal estate tax.

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American Taxpayer Relief Act of 2012

The American Taxpayer Relief Act of 2012 was passed by the United States Congress on January 1, 2013, and was signed into law by US President Barack Obama the next day.

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Americans Standing for the Simplification of the Estate Tax

Americans Standing for the Simplification of the Estate Tax (ASSET) is a lobbying group of individuals and private businesses, which advocates changing the collection method for the estate tax in the United States.

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Andrew Carnegie

Andrew Carnegie (but commonly or;MacKay, p. 29. November 25, 1835August 11, 1919) was a Scottish-American industrialist, business magnate, and philanthropist.

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Andy Harris (politician)

Andrew Peter Harris (born January 25, 1957) is an American politician and physician who has been the U.S. Representative for since 2011.

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Aristocracy

Aristocracy (Greek ἀριστοκρατία aristokratía, from ἄριστος aristos "excellent", and κράτος kratos "power") is a form of government that places strength in the hands of a small, privileged ruling class.

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Asset

In financial accounting, an asset is an economic resource.

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Center on Budget and Policy Priorities

The Center on Budget and Policy Priorities (CBPP) is an American think tank that analyzes the impact of federal and state government budget policies from a progressive perspective.

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Certified Financial Planner

The Certified Financial Planner (CFP) designation is a professional certification mark for financial planners conferred by the Certified Financial Planner Board of Standards (CFP Board) in the United States, and by 25 other organizations affiliated with Financial Planning Standards Board (FPSB), the international owner of the CFP mark outside of the United States.

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Charitable organization

A charitable organization or charity is a non-profit organization (NPO) whose primary objectives are philanthropy and social well-being (e.g. charitable, educational, religious, or other activities serving the public interest or common good).

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Chuck Collins

Chuck Collins (born October 19, 1959) is an author and a senior scholar at the Institute for Policy Studies in Washington, DC, where he directs the Program on Inequality and the Common Good.

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Concurrent estate

A concurrent estate or co-tenancy is a concept in property law which describes the various ways in which property is owned by more than one person at a time.

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Courtesy tenure

Courtesy tenure (or curtesy/courtesy of England) is the legal term denoting the life interest which a widower (i.e. former husband) may claim in the lands of his deceased wife, under certain conditions.

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David Runciman

David Walter Runciman (born 1 March 1967) is an English academic who teaches politics and history at Cambridge University, where he is Head of the Department of Politics and International Studies, Professor of Politics, and a fellow of Trinity Hall, Cambridge.

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Death

Death is the cessation of all biological functions that sustain a living organism.

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Dollars & Sense

Dollars & Sense is a magazine focusing on economics from a progressive perspective, published by Dollars & Sense, Inc, which also publishes textbooks in the same genre.

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Domicile (law)

In law, domicile is the status or attribution of being a lawful permanent resident in a particular jurisdiction.

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Donald Trump presidential campaign, 2016

The 2016 presidential campaign of Donald Trump was formally launched on June 16, 2015, at Trump Tower in New York City.

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Dower

Dower is a provision accorded by law, but traditionally by a husband or his family, to a wife for her support in the event that she should become widowed.

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Down payment

Down payment (or downpayment, also called a deposit in British English), is a payment used in the context of the purchase of expensive items such as a car and a house, whereby the payment is the initial upfront portion of the total amount due and it is usually given in cash at the time of finalizing the transaction.

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Economic Growth and Tax Relief Reconciliation Act of 2001

The Economic Growth and Tax Relief Reconciliation Act of 2001 (June 7, 2001) was a sweeping piece of tax legislation in the United States passed by the 107th Congress and signed by President George W. Bush.

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Equal opportunity

Equal opportunity arises from the similar treatment of all people, unhampered by artificial barriers or prejudices or preferences, except when particular distinctions can be explicitly justified.

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Estate (law)

An estate, in common law, is the net worth of a person at any point in time alive or dead.

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Estate planning

Estate planning is the process of anticipating and arranging, during a person's life, for the management and disposal of that person's estate during the person's life and at and after death, while minimizing gift, estate, generation skipping transfer, and income tax.

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Executor

An executor is someone who is responsible for executing, or following through on, an assigned task or duty.

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FactCheck.org

FactCheck.org is a nonprofit non-partisan website that describes itself as a "consumer advocate for voters that aims to reduce the level of deception and confusion in U.S. politics".

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Forbes

Forbes is an American business magazine.

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Founding Fathers of the United States

The Founding Fathers of the United States led the American Revolution against the Kingdom of Great Britain.

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Frank Luntz

Frank I. Luntz (born February 23, 1962) is an American political consultant, pollster, and "public opinion guru" best known for developing talking points and other messaging for various Republican causes.

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Free market

In economics, a free market is an idealized system in which the prices for goods and services are determined by the open market and consumers, in which the laws and forces of supply and demand are free from any intervention by a government, price-setting monopoly, or other authority.

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Future interest

In property law and real estate, a future interest is a legal right to property ownership that does not include the right to present possession or enjoyment of the property.

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Generation-skipping transfer tax

The U.S. generation-skipping transfer tax imposes a tax on both outright gifts and transfers in trust to or for the benefit of unrelated persons who are more than 37.5 years younger than the donor or to related persons more than one generation younger than the donor, such as grandchildren.

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George Lakoff

George P. Lakoff (born May 24, 1941) is an American cognitive linguist and philosopher, best known for his thesis that lives of individuals are significantly influenced by the central metaphors they use to explain complex phenomena.

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Gift tax

In economics, a gift tax is the tax on money or property that one living person gives to another.

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Gift tax in the United States

A gift tax is a tax imposed on the transfer of ownership of property.

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Health savings account

A health savings account (HSA) is a tax-advantaged medical savings account available to taxpayers in the United States who are enrolled in a high-deductible health plan (HDHP).

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Inheritance tax

A tax paid by a person who inherits money or property or a levy on the estate (money and property) of a person who has died.

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Internal Revenue Code

The Internal Revenue Code (IRC), formally the Internal Revenue Code of 1986, is the domestic portion of federal statutory tax law in the United States, published in various volumes of the United States Statutes at Large, and separately as Title 26 of the United States Code (USC).

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Internal Revenue Service

The Internal Revenue Service (IRS) is the revenue service of the United States federal government.

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Intestacy

Intestacy is the condition of the estate of a person who dies without having made a valid will or other binding declaration.

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Investor's Business Daily

Investor's Business Daily (IBD) is an American newspaper and website covering the stock market, international business, finance and economics.

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Irwin Stelzer

Irwin M. Stelzer (born 22 May 1932) is an American economist who is the U.S. economic and business columnist for The Sunday Times in the United Kingdom and The Courier-Mail in Australia.

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Jared Bernstein

Jared Bernstein (born 1955) is a Senior Fellow at the Center on Budget and Policy Priorities.

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Law firm

A law firm or a law company is a business entity formed by one or more lawyers to engage in the practice of law.

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Law of agency

The law of agency is an area of commercial law dealing with a set of contractual, quasi-contractual and non-contractual fiduciary relationships that involve a person, called the agent, that is authorized to act on behalf of another (called the principal) to create legal relations with a third party.

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Life estate

In common law and statutory law, a life estate is the ownership of land for the duration of a person's life.

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Life insurance

Life insurance (or life assurance, especially in the Commonwealth of Nations) is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money (the benefit) in exchange for a premium, upon the death of an insured person (often the policy holder).

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Linguistics

Linguistics is the scientific study of language, and involves an analysis of language form, language meaning, and language in context.

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London Review of Books

The London Review of Books (LRB) is a British journal of literary essays.

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Lord Byron

George Gordon Byron, 6th Baron Byron (22 January 1788 – 19 April 1824), known as Lord Byron, was an English nobleman, poet, peer, politician, and leading figure in the Romantic movement.

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Ludwig Wittgenstein

Ludwig Josef Johann Wittgenstein (26 April 1889 – 29 April 1951) was an Austrian-British philosopher who worked primarily in logic, the philosophy of mathematics, the philosophy of mind, and the philosophy of language.

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Lyeth v. Hoey

Lyeth v. Hoey,, is a United States Supreme Court case in which the Court held that property received by an heir under a settlement agreement resolving a dispute over the decedent's will is property acquired by "inheritance," which exempts the value of such property from the income tax.

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National Farmers Union (United States)

National Farmers Union (officially Farmers Educational and Cooperative Union of America) is a national federation of state Farmers Union organizations in the United States.

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Neologism

A neologism (from Greek νέο- néo-, "new" and λόγος lógos, "speech, utterance") is a relatively recent or isolated term, word, or phrase that may be in the process of entering common use, but that has not yet been fully accepted into mainstream language.

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Newt Gingrich

Newton Leroy Gingrich (né McPherson; born June 17, 1943) is an American politician and author, born in Pennsylvania, later representing Georgia in Congress, and ultimately serving as 50th Speaker of the United States House of Representatives from 1995 to 1999.

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Opinion poll

An opinion poll, often simply referred to as a poll or a survey, is a human research survey of public opinion from a particular sample.

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Paris Hilton

Paris Whitney Hilton (born February 17, 1981) is an American television personality, socialite, business woman, model, and singer.

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Paul Volcker

Paul Adolph Volcker Jr. (born September 5, 1927) is an American economist.

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Political football

A political football is a topic or issue that is seized on by opposing political parties or factions and made a more political issue than it might initially seem to be.

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Probate

Probate is the judicial process whereby a will is "proved" in a court of law and accepted as a valid public document that is the true last testament of the deceased, or whereby the estate is settled according to the laws of intestacy in the state of residence of the deceased at time of death in the absence of a legal will.

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Progressive tax

A progressive tax is a tax in which the tax rate increases as the taxable amount increases.

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Propaganda

Propaganda is information that is not objective and is used primarily to influence an audience and further an agenda, often by presenting facts selectively to encourage a particular synthesis or perception, or using loaded language to produce an emotional rather than a rational response to the information that is presented.

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Republican Party (United States)

The Republican Party, also referred to as the GOP (abbreviation for Grand Old Party), is one of the two major political parties in the United States, the other being its historic rival, the Democratic Party.

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Revenue Act of 1862

The Revenue Act of 1862 (July 1, 1862, Ch. 119), was a bill the United States Congress passed to help fund the American Civil War.

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Revenue Act of 1916

The United States Revenue Act of 1916, (ch. 463,, September 8, 1916) raised the lowest income tax rate from 1% to 2% and raised the top rate to 15% on taxpayers with incomes above $2 million.

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Robert Reich

Robert Bernard Reich (born June 24, 1946) is an American political commentator, professor, and author.

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Rule against perpetuities

The rule against perpetuities is a rule in the Anglo-American common law that prevents people from using legal instruments (usually a deed or a will) to exert control over the ownership of property for a time long beyond the lives of people living at the time the instrument was written.

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Social contract

In both moral and political philosophy, the social contract is a theory or model that originated during the Age of Enlightenment.

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Spanish Socialist Workers' Party

The Spanish Socialist Workers' Party (Partido Socialista Obrero Español; PSOE) is a social-democraticThe PSOE is described as a social-democratic party by numerous sources.

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Tax

A tax (from the Latin taxo) is a mandatory financial charge or some other type of levy imposed upon a taxpayer (an individual or other legal entity) by a governmental organization in order to fund various public expenditures.

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Tax avoidance

Tax avoidance is the legal usage of the tax regime in a single territory to one's own advantage to reduce the amount of tax that is payable by means that are within the law.

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Tax competition

Tax competition, a form of regulatory competition, exists when governments are encouraged to lower fiscal burdens to either encourage the inflow of productive resources or discourage the exodus of those resources.

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Tax Cuts and Jobs Act of 2017

The Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018,, is a congressional revenue act originally introduced in Congress as the Tax Cuts and Jobs Act (TCJA), that amended the Internal Revenue Code of 1986.

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Tax deduction

Tax deduction is a reduction of income that is able to be taxed and is commonly a result of expenses, particularly those incurred to produce additional income.

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Tax exemption

Tax exemption is a monetary exemption which reduces taxable income.

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Tax Foundation

The Tax Foundation is a Washington, D.C.-based think tank, founded in 1937, that collects data and publishes research studies on U.S. tax policies at both the federal and state levels.

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Tax Policy Center

The Tax Policy Center (TPC), officially the Urban-Brookings Tax Policy Center, is a nonpartisan think tank based in Washington D.C. A joint venture of the Urban Institute and the Brookings Institution, it aims to provide independent analyses of current and longer-term tax issues, and to communicate its analyses to the public and to policymakers.

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Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010

The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, also known as the 2010 Tax Relief Act, was passed by the United States Congress on December 16, 2010, and signed into law by President Barack Obama on December 17, 2010.

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The New York Times

The New York Times (sometimes abbreviated as The NYT or The Times) is an American newspaper based in New York City with worldwide influence and readership.

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The One Percent (film)

The One Percent is a 2006 documentary about the growing wealth gap between the wealthy elite compared to the overall citizenry in the United States.

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The Washington Examiner

The Washington Examiner is an American political journalism website and weekly magazine based in Washington, D.C. that covers politics and policy in the United States and internationally.

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Thomas Jefferson

Thomas Jefferson (April 13, [O.S. April 2] 1743 – July 4, 1826) was an American Founding Father who was the principal author of the Declaration of Independence and later served as the third president of the United States from 1801 to 1809.

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Totten trust

A Totten trust (also referred to as a "Payable on Death" account) is a form of trust in the United States in which one party (the settlor or "grantor" of the trust) places money in a bank account or security with instructions that upon the settlor's death, whatever is in that account will pass to a named beneficiary.

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United States

The United States of America (USA), commonly known as the United States (U.S.) or America, is a federal republic composed of 50 states, a federal district, five major self-governing territories, and various possessions.

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Veil of ignorance

The "veil of ignorance" is a method of determining the morality of political issues proposed in 1971 by American philosopher John Rawls in his "original position" political philosophy.

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War Revenue Act of 1898

The War Revenue Act of 1898 was legislation signed into law in the United States on June 13, 1898, which created a wide range of taxes to raise revenue for the American prosecution of the Spanish–American War.

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Will and testament

A will or testament is a legal document by which a person, the testator, expresses their wishes as to how their property is to be distributed at death, and names one or more persons, the executor, to manage the estate until its final distribution.

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William H. Gates Sr.

William Henry Gates II (born November 30, 1925), better known as Bill Gates Sr., is a retired American attorney and philanthropist and author of the book Showing Up for Life: Thoughts on the Gifts of a Lifetime.

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Winston Churchill

Sir Winston Leonard Spencer-Churchill (30 November 187424 January 1965) was a British politician, army officer, and writer, who was Prime Minister of the United Kingdom from 1940 to 1945 and again from 1951 to 1955.

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113th United States Congress

The One Hundred Thirteenth United States Congress was a meeting of the legislative branch of the United States federal government, from January 3, 2013, to January 3, 2015, during the fifth and sixth years of Barack Obama's presidency.

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References

[1] https://en.wikipedia.org/wiki/Estate_tax_in_the_United_States

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