Scarinci Hollenbeck, LLC
The Firm
201-896-4100 info@sh-law.comFirm Insights
Author: Scarinci Hollenbeck, LLC
Date: May 19, 2015
The Firm
201-896-4100 info@sh-law.comThe federal estate tax, which has long been opposed by many Americans, was recently abolished by the U.S. House of Representatives with 240 members of Congress voting for the estate tax repeal and 179 voting against it.
Supporters lauded the outcome of this vote, declaring it a victory for small-business owners, including farmers, according to The New York Times. House Speaker John Boehner released a statement, expressing his approval of the vote.
“Family farmers, ranchers and small-business owners work tirelessly to create jobs in our communities, put food on our tables and, God willing, have something to pass on to their children and grandchildren,” he said. “Taking away that opportunity with a massive death tax bill is simply wrong.”
However, the White House viewed the repeal differently, regarding the House vote as an attempt to provide the richest Americans with more money, according to The New York Times. Repealing the death tax would also increase federal budget deficits, the White House emphasized.
Eliminating the provision would cost the U.S. Department of Treasury $269 billion over the course of 10 years, with $14.6 billion of that being lost during fiscal year 2016, according to figures provided by Congress’s Joint Committee on Taxation and reported on by the media outlet.
Many political analysts have been closely watching the creation of tax policy in Washington, with the two parties fighting to protect the interests of different groups. A wide range of fiscal conservatives have been critical of Obama’s tax initiatives.
While Republicans have repeatedly insisted the president compensate for any tax cuts he proposes with a policy that would increase revenue, they do not have any plan to increase revenue to make up for the shortfall created by their proposed estate tax cut, White House Press Secretary Josh Earnest emphasized, according to The New York Times.
Obama noted earlier this month that the Republican plan represents the exact opposite of his desire to cut taxes for low and middle-income families, the media outlet reported. When visiting North Carolina, the president emphasized that repealing the estate tax would benefit 120 households in the Tar Heel State, while his policies would help 44 million people.
With that in mind, the legislation that would repeal the federal estate tax will now go to the Senate, and if the bill survives, it will reach the desk of Obama, who has been highly critical of repeal effortst
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.

When a company enters Chapter 11 bankruptcy, many assume the process will culminate in a lengthy reorganization plan. However, distressed businesses are increasingly being sold through a different mechanism — a sale under Section 363 of the United States Bankruptcy Code. A Section 363 sale allows a company, as a debtor-in-possession in bankruptcy, to sell […]
Author: John D. Giampolo

Before buying property, it is critical to determine whether local zoning laws may affect your plans. If you plan to redevelop the property, you will want to confirm that local zoning regulations permit development as intended. If acquiring property that is already developed, you must verify that the use is permitted in the underlying zoning […]
Author: Wendy Rubinstein Quiroga

For parents of a child with a disability, estate planning raises concerns that go well beyond deciding who will inherit their assets. Parents may spend years making sure their child has the right care, services, and support. Eventually, they must also confront a difficult question: Who will take over when they can no longer do […]
Author: George McGowan

Before buying a New Jersey rental property, an investor should verify realistic operating numbers, the property’s legal and regulatory status, lead-based paint and flood compliance, the existing leases and tenant protections, and the right ownership structure. A rental property is more than a piece of real estate; it is an operating business subject to legal, […]
Author: Donald M. Pepe

In New Jersey, an irrevocable trust can sometimes be modified even though its name suggests otherwise, and one of the primary tools for doing so is a process called decanting. Whether decanting is available depends on the specific terms of the trust and the discretion given to the trustee. Key takeaways: New Jersey has no […]
Author: Marc J. Comer

Intellectual property valuation determines the monetary value of a business’s IP assets, and it drives outcomes in licensing deals, joint ventures, mergers and acquisitions, financing, and ownership disputes. The most valuable assets of a business are often the things that cannot be seen or touched: a proprietary process, a copyrighted work, brand recognition, or the […]
Author: Jay McDaniel
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
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.
Let`s get in touch!
Sign up to get the latest from the Scarinci Hollenbeck, LLC attorneys!