Jack Fitzgerald forms ASSET coalition to end federal estate tax

Article by Christian A., on January 27, 2011

In hopes to end the federal estate tax, Fitzgerald Auto Mall has teamed up with the owners of Silver Spring, Maryland-based Darcars Automotive Group, and 18 dealerships in Maryland, Virginia and Florida.

Jack Fitzgerald, who is the founder and owner of Kensington, Maryland-based Fitzgerald Auto Mall, wants to have the estate taxes paid so that his heirs won’t have to. Fitzgerald, who is 75 years old, said that he gets more interested in estate tax policy the longer he’s alive.

What the group wants instead is a 2% levy on adjusted gross income exceeding $1 million, with a goal of raising the estimated $20 billion the U.S. Treasury now collects annually from the estate tax. Fitzgerald said that as a result, he is already paying such a levy; however, the money is going toward annual life insurance premiums totaling $700,000.

The company currently has 12 locations in Maryland, Pennsylvania and Florida, and he estimates that he has about $20 million in coverage that his heirs can use to pay the estate tax and other expenses upon his death.

Fitzgerald has formed a group, Americans Standing for Simplification of the Estate Tax, or ASSET. He has also acquired the services of former U.S. Representative Phil English, a Pennsylvania Republican who was on the tax-writing House Ways and Means Committee, as a lobbyist.

English believes that the $858 billion tax-cut deal that extends the estate tax for two years gives Fitzgerald and others with sufficient time to make their case. [via autonews - sub. required]

Topics: united states

If you liked the article, share on:

Comments

Recommended

In the automotive industry, most brands will do what they can to expand their offerings to be present in every potential niche there is. The goal is clearly to increase...
by - April 30, 2017
Just days after unveiling the refreshed 2018 Toyota Yaris hatchback to the North American public at the 2017 New York Auto Show, the Japanese company is now disclosing how much...
by - April 30, 2017
The next generation Volvo XC60 will be soon on its way to dealerships and customers as the Swedish carmaker has already commenced production of the mid-sized sports utility vehicle at...
by - April 30, 2017
In September 27, 2016, Porsche initially filed for a patent that is the “Unique Active Rear Diffuser”. And earlier this week, on April 27, 2017, the United States Patent and...
by - April 29, 2017
The Insurance Institute for Highway Safety (IIHS) has given its Top Safety Pick+ award to the redesigned version of the 2017 Kia Cadenza. This was a result of excellent a...
by - April 29, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries