About Asset: americans standing for the simplification of the estate tax
ASSET: Americans Standing for the Simplification of Estate Tax
ASSET is a non-profit organization that is dedicated to reforming the estate tax system in America. The organization was founded by a group of private business owners and family farmers who were tired of the complicated and burdensome estate tax laws that were hindering their ability to pass on their assets to future generations.
The estate tax, also known as the "death tax," is a federal tax that is levied on the transfer of property after an individual's death. The current estate tax rate is 40%, which means that up to 40% of an individual's assets can be taken by the government upon their death.
ASSET believes that this system is unfair and unjust, particularly for small business owners and family farmers who have worked hard to build up their businesses over many years. These individuals often have most of their wealth tied up in land, buildings, equipment, and other assets that are necessary for running their businesses. When they die, these assets are subject to the estate tax, which can force their heirs to sell off parts of the business or even shut it down entirely.
To address this issue, ASSET advocates for a change in how estate taxes are collected. Instead of taxing estates based on their total value at death, ASSET proposes using a "carryover basis" system where heirs would inherit property at its current market value rather than its original cost basis. This would eliminate many complications associated with valuing estates and reduce compliance costs for taxpayers.
ASSET also supports raising exemptions levels so more families can avoid paying any federal estate taxes altogether. Currently set at $11 million per person ($22 million per couple), these exemptions levels mean only about 1 out every 500 estates owe any federal taxes each year.
In addition to advocating for policy changes at both state and national levels through lobbying efforts with lawmakers across America; ASSET provides educational resources about estate tax reform to help individuals and families better understand the impact of estate taxes on their businesses and assets.
ASSET is committed to making a difference in the lives of small business owners, family farmers, and other Americans who are affected by the estate tax. By advocating for change in how estate taxes are collected, ASSET hopes to simplify the process and make it easier for people to pass on their hard-earned assets to future generations.