Washington DC – As part of Comprehensive Tax Reform, the Ways & Means Committee has formed Working Groups for various topics on tax reform. Since the estate tax is not part of any single working group, ASSET has been reaching out to the Chair and Vice Chair of several working groups to help make sure that the estate tax is not left off the table when it comes time for reform.
ASSET has submitted written comments prior to the April 15th deadline in order to make the case for all our members, who include private business owners, farmers, ranchers and their employees. Chairman Dave Camp in testimony just last week before the Small Business Committee has declared that the goal of the discussion draft released by Ways & Means is “to spur greater job creation and higher wages by reducing the burden the tax code imposes on small businesses.” The estate tax is an incredible burden to small businesses because it drains capital in tax avoidance and preparation costs that could be spent to expand the business and increase wages.
It is our hope that the continued efforts of ASSET and our members will spur members from both parties to work together to solve the estate tax debate that even the administration is now chiming in to once again change the rules. it is our shared belief that only by changing the collection method will the real harm cease and the danger associated with the current method of estate tax collection be over.
To read the ASSET testimony submitted click here.