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 functions and activities conducted by ASSET are led by its President, Rob Smith, and Jordan Silverman, a former researcher at Adventist HealthCare who joined in 2014. Under the ASSET proposal the value of an estate is determined by economic and market conditions. Death is not treated as an economic event as it is under current federal tax law. The ASSET proposal eliminates death as a taxable event by allowing individuals to make what the group describes as a down payment on their estate taxes during their earning years. The assets in these individuals' estates would later be taxed at the