Scarinci Hollenbeck, LLC, LLCScarinci Hollenbeck, LLC, LLC

Firm Insights

House Vote Pushes Closer To Estate Tax Repeal

Author: Scarinci Hollenbeck, LLC

Date: May 19, 2015

Key Contacts

Back

House Vote Pushes Us One Step Closer To Estate Tax Repeal

The 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 Laud House Vote

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.”

White House Voices Protest

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.

Scarinci Hollenbeck, LLC, LLC

Related Posts

See all
SECURE 2.0 RMD Planning Strategies post image

SECURE 2.0 RMD Planning Strategies

How the Updated Law Shapes Retirement and Estate Planning The SECURE 2.0 Act of 2022 materially reshapes the required minimum distribution (RMD) landscape, extending tax deferral opportunities while accelerating distribution requirements for many beneficiaries. For high-net-worth individuals and families, these changes are not merely technical. They require a reassessment of retirement income strategies, beneficiary planning, […]

Author: Marc J. Comer

Link to post with title - "SECURE 2.0 RMD Planning Strategies"
Buying Commercial Property in New Jersey: Legal Guide for Small Businesses post image

Buying Commercial Property in New Jersey: Legal Guide for Small Businesses

Small businesses considering buying commercial property in New Jersey must evaluate a range of legal, financial, and operational factors. While ownership can offer long-term value and control, it also introduces significant risks if not properly structured. This guide outlines key considerations to help New Jersey business owners make informed decisions, minimize legal exposure, and successfully […]

Author: Robert L. Baker, Jr.

Link to post with title - "Buying Commercial Property in New Jersey: Legal Guide for Small Businesses"
The SEC’s Latest Guidance on Applying Federal Securities Laws to Tokenized Securities post image

The SEC’s Latest Guidance on Applying Federal Securities Laws to Tokenized Securities

On January 28, 2026, staff of the U.S. Securities and Exchange Commission’s Divisions of Corporation Finance, Investment Management, and Trading and Markets issued a joint statement clarifying how existing federal securities laws apply to tokenized securities. The SEC’s “Statement on Tokenized Securities” does not establish new law, but it does provide greater clarity on the […]

Author: Dan Brecher

Link to post with title - "The SEC’s Latest Guidance on Applying Federal Securities Laws to Tokenized Securities"
Common Legal Mistakes NYC and New Jersey Business Owners Make post image

Common Legal Mistakes NYC and New Jersey Business Owners Make

Operating a business in the New Jersey and New York City metropolitan region offers incredible opportunities, but it also requires navigating a dense and highly regulated legal environment. From entity formation to regulatory compliance, seemingly minor legal oversights can expose business owners to significant risk. In our work with businesses throughout the region, our attorneys […]

Author: Dan Brecher

Link to post with title - "Common Legal Mistakes NYC and New Jersey Business Owners Make"
What Founders Can Learn From Start-up Suits post image

What Founders Can Learn From Start-up Suits

High-profile founder litigation is more than just a media spectacle. For startup founders, these cases underscore the legal and structural risks that can arise when rapid growth outpaces formal oversight. While launching a new company can be both an exciting and deeply rewarding endeavor, founders must be mindful that it also comes with significant risks. […]

Author: Dan Brecher

Link to post with title - "What Founders Can Learn From Start-up Suits"
Corporate Governance Reviews: A Practical Guide for New Jersey Companies post image

Corporate Governance Reviews: A Practical Guide for New Jersey Companies

Every New Jersey company should periodically evaluate its governance framework. Strong corporate governance protects directors and officers, builds investor confidence, reduces litigation exposure, and positions a company for sustainable growth. The first quarter of the year is a great time to evaluate your corporate governance practices and perform any routine maintenance needed to keep that […]

Author: Ken Hollenbeck

Link to post with title - "Corporate Governance Reviews: A Practical Guide for New Jersey Companies"

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.

Let`s get in touch!

* The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form. By providing a telephone number and submitting this form you are consenting to be contacted by SMS text message. Message & data rates may apply. Message frequency may vary. You can reply STOP to opt-out of further messaging.

Sign up to get the latest from the Scarinci Hollenbeck, LLC attorneys!