With the Super Committee now beyond the deadline and unable to reach an agreement, the estate or “death” tax remains a threat to increase at the end of this Congress beginning January 2013. In fact, one Congressman on Ways & Means has introduced legislation NOW to change the estate tax back to 55% and only a $1 Million exemption in advance of the increase that will occur if no action is taken. Rep. Jim McDermott (D-WA) has introduced legislation to raise the estate tax.
ASSET continues to meet with lawmakers on Ways & Means and in Senate Finance to remind them there is an alternative, permanent solution to the revenue derived from the estate tax (1% of the total revenue to the Treasury for the last 25 years) and there is interest on both sides of the aisle. In working with an economist, ASSET has identified a menu of potential “pay fors” for the ASSET solution that would eliminate the damage caused by the estate tax, and in fact help preserve jobs.