Did you know the Estate Tax affects our economy?

It hurts the economy and threatens our jobs.

We believe that only millionaires should pay Estate Taxes and ALL pay the same share. Today’s “loophole ridden” law allows the “super rich” to pay nothing, while others overpay. Why is this so important to you? Because it’s the economy! According to Professor Davies from Duquesne University:
  • 170,000 Households
  • 22,000 Farms
  • 14,000 Real Estate Partnerships
  • 29,000 Privately-held Corporations
…will be susceptible to estate taxes in 2011. This really hurts our economy by forcing businesses and farms to be sold, thus putting people out of work. All of these unintended consequences are eliminated with ASSET’s Solution. And the government will receive the same revenue initially and ultimately much more.

Our Fix: Simplify It

Simply replace the estate tax which is imposed at death, with a tax on gains of estate assets.  This tax on the gain in value would occur only when and if they are sold.  We can reform the estate tax collection method in a pro-growth, equitable, revenue-neutral and bipartisan manner. Our coalition has held more than 100 meetings with policymakers over the past 18 months, seeking common ground for a legislative solution. We are trying to simplify the estate tax, by changing the collection mechanism for the same population that should pay tax on their previously untaxed accumulated value in assets. This proposal depends on a temporary “bridge” — to maintain revenue neutrality for the first few years. It would then eliminate the need for the bridge mechanism through a revenue windfall from capital gains taxes on these estate assets when they are ultimately sold. See The ASSET Solution for more details.