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ASSET – Americans Standing for the Simplification of the Estate Tax
This is the Home Page for ASSET: ASSET stands for Americans Standing for the Simplification of the Estate Tax. It is time to reform the estate tax by changing the collection method. ASSET is comprised of private businesses and family farms, all dedicated to changing the way the estate tax is collected.While members of Congress debate the rate and the exemptions of the estate tax, ASSET has a way to pay the estate tax with a small surcharge on taxpayers making over 1 million dollars a year or more, to replace the cash flow of the current estate tax.As a consequence, when a person dies who has been paying an estate tax, all the assets are listed on an information return (inventory) identifying who will receive each asset at the original value. Since no "fire sale" is required, businesses can continue to operate, saving jobs. In addition, there would be a windfall capital gains to the government on several fronts: 1. the entire cash flow has been replaced, so the government is guaranteed the stream of income 2. there is no collection expense to the IRS because the front page of the 1040 on AGI is used to calculate the estate tax, 3. There will be sales of assets, at "carryover" basis, at non "fire sale" prices. This is good for the seller and the government.
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