Cyprus known as Laiki Bank), into a "bad" bank which would be wound down over time and a "good" bank which would be absorbed by the Bank of Cyprus. In return for a €10 billion bailout from the European Commission, the European Central Bank and the International Monetary Fund, often referred to as the "troika", the Cypriot government was required to impose a significant haircut on uninsured deposits, a large proportion of which were held by wealthy Russians who used Cyprus as a tax haven. Insured deposits of €100,000 or less were not affected. According to the 2017 International Monetary Fund
Americans Standing for the Simplification of the Estate Tax group claims that the IRS would achieve the same amount of annual revenue that the IRS receives from the collection of the estate tax. In 2013, the ASSET proposal was changed to an entirely voluntary system in which taxpayers would opt-in to pay a 1% surcharge on annual income while they are alive and no estate tax would be owed upon their death, but for capital gains on inherited assets. The group claims that their proposal for estate tax reform would eliminate the need for sheltering assets in unproductive trusts to avoid the tax as well as the need to