WASHINGTON (Sept. 22, 2015) — The American Solution for Simplifying the Estate Tax (ASSET) Act of 2015, has been introduced in the U.S. House of Representatives.
H.R. 3508 was introduced by Rep. Andy Harris, R-Md., in collaboration with Americans Standing for the Simplification of the Estate Tax (ASSET).
Congressman Andy Harris
According to ASSET, the bill offers a voluntary, simplified method of estate tax payment for Americans who face the tax. They would pay what the sponsors call “a fair share of taxes” while they are alive, without any of the distortion or inefficiency in the current regulations for collecting estate taxes, they said.
Among other things, the ASSET Act would address the carry-over basis for the tax, simplify and extend returns, and address the special rule for revocation of trusts.
The Tire Industry Association (TIA) supports the bill, although it still prefers outright repeal of the estate tax.
“The bill would amend the Internal Revenue Code of 1986 to allow an annual elective surcharge in lieu of estate tax, and for other purposes,” said TIA Executive Vice President Roy Littlefield in the Sept. 21 issue of TIA's Weekly Legislative Update.
“The current method of collecting federal estate taxes often cripples American family-owned businesses by forcing the sale of ongoing concerns in order to pay tax liability arising from the death of an owner, creating dislocation, inefficiencies and often job losses,” Mr. Littlefield wrote.
H.R. 3508 has been assigned to the House Committee on Ways and Means.
According to its website, http://estatetaxsimplification.org/ ASSET is a coalition of more than 35,000 individuals, private businesses, family farms and ranches, and their employees united to simplify the collection method for the estate tax.
To track H.R. 3508, click here. https://www.govtrack.us/congress/members/andy_harris/412434
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