Click here to close now.

SYS-CON MEDIA Authors: Eva Belanyiova, tru welu, Blue Box Blog, Kevin Jackson, Peter Silva

News Feed Item

Jack Fitzgerald Calls on Ways & Means to Include Reforming Estate Tax

ASSET Coalition Works To Help Preserve Small Businesses and Jobs

WASHINGTON, Feb. 28, 2014 /PRNewswire-USNewswire/ -- Replacement of the existing estate tax is one of the most pro-growth policies Congress could embrace. The ASSET proposal should be part of any tax reform that aspires to grow the economy faster.

Jack Fitzgerald, founder of ASSET, at a briefing on Capitol Hill on the estate tax on the eve of the government shutdown in October 2013.

Jack Fitzgerald, founder and the chairman of ASSET, knows firsthand how the estate tax will impact him, "As an owner of small businesses, I know that current estate tax law ties companies in knots and the collection mechanism unduly burdens families, small business owners, farmers, and ranchers.  Fear of the estate tax leads many small business owners to liquidate at fire sales before or immediately after the owner's death and encourages them to over purchase life insurance in order to satisfy the future tax burdens."

The ASSET legislative proposal is an entirely voluntary, revenue neutral, less economically destructive tax system that replaces the current estate tax with a tax on gains upon the sale of estate assets.  Death would not trigger a taxable event under the ASSET proposal – the tax on gains would occur only when and if assets are sold.  Taxpayers who opt in under the ASSET plan would pay a small 1 percent surcharge on annual income while they are alive and no estate tax would be owed upon their death.  Congress should include this solution in the tax reform legislation.

"The drafters of the proposed Tax Reform Act missed the opportunity to resolve the significant inefficiencies and economic dislocation associated with the estate tax.  While the tax reform proposal may have much to offer small businesses, I am amazed that the House Ways and Means Committee's executive summary states that it 'maintains current law on the estate tax, ensuring that family businesses can continue to be passed on to future generations,' " states Fitzgerald. This statement turns logic on its head. 

Farms, ranches, and businesses could continue operating and employees would not lose their jobs when the owner dies.  Economic growth would be generated because wealthy taxpayers will no longer hide assets in trusts to avoid estate and gift taxes and they could use these assets far more productively throughout their lifetimes.

While we commend Chairman Camp and his colleagues for starting the Congressional process toward a fairer, more efficient tax code, we hope they will recognize their oversight and will consider adding the ASSET solution to the legislation when it is the subject of committee action.

For more information visit www.SimplifyEstateTax.org.

About ASSET

ASSET is a coalition of more than 11,000 individuals, private businesses, family farms and ranches, and their employees. ASSET was founded in order to change the collection method for the Estate Tax.  Jack Fitzgerald is the chairman of Fitzgerald Auto Malls and owns a collection of small businesses. 

Photo:  http://photos.prnewswire.com/prnh/20140228/PH74686

SOURCE Americans Standing for the Simplification of the Estate Tax (ASSET)

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
“The year of the cloud – we have no idea when it's really happening but we think it's happening now. For those technology providers like Zentera that are helping enterprises move to the cloud - it's been fun to watch," noted Mike Loftus, VP Product Management and Marketing at Zentera Systems, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that BMC will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. BMC delivers software solutions that help IT transform digital enterprises for the ultimate competitive business advantage. BMC has worked with thousands of leading companies to create and deliver powerful IT management services. From mainframe to cloud to mobile, BMC pairs high-speed digital innovation with robust...
"Blue Box has been around for 10-11 years, and last year we launched Blue Box Cloud. We like the term 'Private Cloud as a Service' because we think that embodies what we are launching as a product - it's a managed hosted private cloud," explained Giles Frith, Vice President of Customer Operations at Blue Box, in this SYS-CON.tv interview at DevOps Summit, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Growth hacking is common for startups to make unheard-of progress in building their business. Career Hacks can help Geek Girls and those who support them (yes, that's you too, Dad!) to excel in this typically male-dominated world. Get ready to learn the facts: Is there a bias against women in the tech / developer communities? Why are women 50% of the workforce, but hold only 24% of the STEM or IT positions? Some beginnings of what to do about it!
SYS-CON Events announced today that SUSE, a pioneer in open source software, will exhibit at SYS-CON's DevOps Summit 2015 New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. SUSE provides reliable, interoperable Linux, cloud infrastructure and storage solutions that give enterprises greater control and flexibility. More than 20 years of engineering excellence, exceptional service and an unrivaled partner ecosystem power the products and support that help ...
The 5th International DevOps Summit, co-located with 17th International Cloud Expo – being held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the...
"We are the top stocking distributor for HP renew products in North America. We can only sell to U.S. authorized partners and resellers for HP," explained Miguel Diazdelcastillo Jr., Sales Executive at Creative Business Solutions, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
“Will Jaya is a direct source for server integration and storage solutions. If you are looking for any specific configurations for a project we can help you configure based on your needs and requirements," explained Netty Goya, CEO of Will Jaya, in this SYS-CON.tv interview at 15th Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
There is little doubt that Big Data solutions will have an increasing role in the Enterprise IT mainstream over time. 8th International Big Data Expo, co-located with 17th International Cloud Expo - to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA - has announced its Call for Papers is open. As advanced data storage, access and analytics technologies aimed at handling high-volume and/or fast moving data all move center stage, aided by the cloud computing bo...
SYS-CON Events announced today that the "First Containers & Microservices Conference" will take place June 9-11, 2015, at the Javits Center in New York City. The “Second Containers & Microservices Conference” will take place November 3-5, 2015, at Santa Clara Convention Center, Santa Clara, CA. Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities.
"SendGrid sends about 15 billion emails a month and process all the events associated with that, about a trillion events a year," explained Aaron Beach, Senior Data Scientist at SendGrid, in this SYS-CON.tv interview at Cloud Expo, held Nov 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
“DevOps is really about the business. The business is under pressure today, competitively in the marketplace to respond to the expectations of the customer. The business is driving IT and the problem is that IT isn't responding fast enough," explained Mark Levy, Senior Product Marketing Manager at Serena Software, in this SYS-CON.tv interview at DevOps Summit, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
"ElasticBox is an enterprise company that makes it very easy for developers and IT ops to collaborate to develop, build and deploy applications on any cloud - private, public or hybrid," stated Monish Sharma, VP of Customer Success at ElasticBox, in this SYS-CON.tv interview at DevOps Summit, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
ThingsExpo New York is offering a limited time FREE "Expo Plus" registration option in New York. On site registration price of $1,95 will be set to 'free' for delegates who register during special offer. To take advantage of this opportunity, attendees can use the coupon code, and secure their registration to attend all keynotes, ThingsExpo sessions, expo floor, and SYS-CON.tv power panels. Special FREE registration givess access to all DevOps, Containers and Microservices sessions as well. Regi...
The only place to be Nov 3-5 is Cloud Expo | @ThingsExpo | DevOps Summit 2015 West at the Santa Clara Convention Center in Santa Clara, CA. Join us there as delegates from all over the world come to listen to and engage with speakers & sponsors from the leading Cloud Computing, IoT, Big Data and DevOps companies. Cloud Expo & @ThingsExpo are the leading events covering the booming market of Cloud Computing, IoT & Big Data for the enterprise. Speakers from all over the world will be hand-picked...