Scarinci Hollenbeck, LLC
The Firm
201-896-4100 info@sh-law.comFirm Insights
House Republicans Talk About Repealing the Estate Tax
Author: Scarinci Hollenbeck, LLC
Date: August 8, 2014
Key Contacts
Back
Republicans may cast a vote this year to repealing the estate tax in the U.S., according to House Ways and Means Chairman Dave Camp, R-Michigan, Bloomberg reported. Camp told reporters July 30 that a number of House members haven’t had a chance to cast their vote on the issue yet.
“It’s been a long time since we’ve had a vote on total repeal,” Camp said, according to the news source. “Obviously, I don’t believe death should be a taxable event.”
The bill, which would end estate and generation-skipping transfer taxes, is being sponsored by 221 members of the House of Representatives, according to Investment News. This is three more than is needed for a House majority. The bill would also make a 35 percent gift-tax rate permanent, with a $5 million lifetime exclusion.
There are a number of members who are motivated to get this vote for political reasons,” Palmer Schoening, executive director of the Family Business Coalition told the news source. “It’s the most popular bill in the Republican conference right now.”
Indeed, with virtually no chance of the bill passing the Senate before the November election, and still facing a veto from President Barack Obama, it is more likely that Republican members of the House want to showcase their position on this issue ahead of the midterm elections.
In his 2015 fiscal budget, Obama proposed a top estate and gift tax rate of 45 percent with a $3.5 million individual exclusion for estates and a $1 million exclusion for individuals, indexed for inflation, Investment News reported. Democrats favor expanding the estate tax, because they argue that eliminating or reducing it would almost exclusively benefit the extremely affluent.
President Bill Clinton vetoed a similar bill, and President George W. Bush signed a law that allowed the tax to expire for 2010 only, according to Bloomberg.
This estate tax repeal is directly involved with another topic regarding transferable taxes to future generations called gift tax. Tax attorney and co-editor James F. McDonough has written extensively on the subject. Check out some of his recent posts:
- Gift Tax Myths and Misunderstandings
- Don’t Leave Gift Taxes Out of Estate Planning
- Advantages of the Gift Tax Law
- Understanding the Perks, Exclusions of the Gift Tax Law
- Practices: Tax and Trusts & Estates, Estate & Trust Litigation, Real Property Tax Strategies
- Locations: Red Bank, NJ, New York City, Little Falls, NJ
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Related Posts
See all
When Are New Jersey Business Owners Personally Liable for Corporate Debt?
New Jersey personal guaranty liability is a critical issue for business owners who regularly sign contracts on behalf of their companies. A recent New Jersey Supreme Court decision provides valuable guidance on when a business owner can be held personally responsible for a company’s debt. Under the Court’s decision in Extech Building Materials, Inc. v. […]
Author: Charles H. Friedrich
Commercial Real Estate Trends to Watch in 2026
Commercial real estate trends in 2026 are being shaped by shifting economic conditions, technological innovation, and evolving tenant demands. As the market adjusts to changing interest rates, capital flows, and workplace models, investors, owners, tenants, and developers must understand how these trends are influencing opportunities and risk in the year ahead. Overall Outlook for Commercial […]
Author: Michael J. Willner
One Big Beautiful Bill: New Tip Income Tax Rules Employers & Workers Need to Know
Part 2 – Tips Excluded from Income Certain employees and independent contractors may be eligible to deduct tips from their income for tax years 2025 through 2028 under provisions included in the One Big Beautiful Bill. The deduction is capped at $25,000 per year and begins to phase out at $150,000 of modified adjusted gross […]
Author: Scott H. Novak
One Big Beautiful Bill: New Overtime Tax Rules Employers and Employees Need to Know
Part 1 – Overtime Pay and Income Tax Treatment Overview This Firm Insights post summarizes one provision of the “One Big Beautiful Bill” related to the tax treatment of overtime compensation and related employer wage reporting obligations. Overtime Pay and Employee Tax Treatment The Fair Labor Standards Act (FLSA) generally requires that overtime be paid […]
Author: Scott H. Novak
New York’s FAIR Business Practices Act: What the New Consumer Protection Measure Means for Your Business
In 2025, New York enacted one of the most consequential updates to its consumer protection framework in decades. The Fostering Affordability and Integrity through Reasonable Business Practices Act (FAIR Act) significantly expands the scope and strength of New York’s long-standing consumer protection statute, General Business Law § 349, and alters the compliance landscape for New York […]
Author: Dan Brecher
How to Reduce Legal Risk as Your New Jersey Business Grows in 2026
For many New Jersey businesses, growth is a primary objective for the New Year. However, it is important to recognize that growth involves both opportunity and risk. For example, business expansion often results in complex contracts, an increased workforce, new regulatory requirements, and heightened exposure to disputes. Without proactive planning, even routine growth can lead […]
Author: Ken Hollenbeck
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Sign up to get the latest from our attorneys!
Explore What Matters Most to You.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.