The highest inheritance tax rate was also raised in 1932 to 45% from 20% and the gift tax was reinstituted with the highest rate set at 33.5%.

WSJ: Arthur B. Laffer: Taxes, Depression, and Our Current Troubles

Fortunately, only Connecticut has a gift tax, but 21 states and the District of Columbia do impose inheritance or estate taxes.

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The tax cuts he wants in exchange hinge on a sharp reduction in the effective tax rates paid by Japanese corporations, along with cuts in the inheritance, gift and property taxes that combine to distort the property market.

ECONOMIST: The deficit may be the least of the prime minister's worries