Washington, DC – April 9, 2013 The U.S. House Small Business Committee is holding a hearing on ideas for simplifying the tax code and the need to address the estate tax and its impact on small businesses on Wednesday, April 10. Jack Fitzgerald, founder of Americans Standing for the Simplification of the Estate Tax (ASSET), applauds the House Small Business Committee for shining the light on the impact of reform on small business, and calls for a continued reform of the estate tax collection method.
“Simplifying the estate tax will generate comparable revenues for the U.S. Treasury without the very destructive collection method of the current estate tax,” explains Jack Fitzgerald. “It is my hope that witnesses will help the Committee understand more fully the potentially devastating impact of the estate tax on small business owners and their employees even today. I am equally hopeful that the Committee will consider our idea for a change in collection methodology that is initially revenue neutral, reduces compliance costs substantially, frees up capital, and does no harm to the Treasury or the taxpayer.”
ASSET has been working closely with staff and members of the House Small Business Committee and members and staff of the Committee on Ways and Means including Chairman Camp to increase awareness of the estate tax problem. ASSET advocates for a change in collection method for the estate tax that is transformative. Privately owned businesses are our Nation’s “jobs engine”, and the estate tax has the potential to wipe those out. The revenue neutral ASSET proposal would eliminate the unintended consequences of the estate tax, like job losses and the drain on cash flow occurring from tax avoidance strategies. Under the proposal, it will be easier for private businesses to continue to grow through reinvestment and the distortive effect of the estate tax will be eliminated.
ASSET is a coalition of more than 3,000 private businesses, family farms and ranches, and their employees, founded in order to change the collection method for the Estate Tax, ensuring that the most successful taxpayers pay their fair share but in a far less distortive manner.