Washington DC – In estate tax news the Americans Standing for the Simplification of the Estate Tax (ASSET) commends Chairman Dave Camp & the Ways & Means Committee and the Joint Committee on Taxation on the release of their Joint Committee on Taxation Tax Reform Working Group Report. The ASSET plan for change in estate tax method is included in the working group report with the broad strokes of the ASSET plan.
The JCT and Ways & Means have been reviewing all the submissions made to the work groups since the deadline April 15th. With more than 1,300 submissions it is significant that ASSET was included as a key stakeholder. The committee will continue to get deeper into all details of reform over the coming weeks and months.
“ASSET has a way forward for all stakeholders” said Jack Fitzgerald, founder of Americans Standing for the Simplification of the estate tax. “We can’t continue down the same path and achieve the kind of level playing field for private businesses and their employees. We want to preserve those jobs and ASSET helps all sides.”
ASSET seeks to change the current estate tax collection method and substitute the revenue with the gains from the sale of certain tracked estate assets triggered by an economic event, not the death of a founder.
The report can be read at JCT & Ways & Means Tax Reform Working Groups