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Government

Estate planning for the Biden era (access required)

Joe Biden proposed some fairly substantial changes in the estate tax landscape while on the campaign trail based on “[raising estate taxes] back to the historical norm.” The top gift and estate tax rates – currently 40% -- ranged from 45% to 55% in the period of from 1984 to 2009 and the tax exemption for that stretch, currently at $11.58 million, ranged from $600,000 to $3.5 million. Biden indicated that the exemption would be reduced to $3.5 million and the estate tax rate would be increased to 45%.

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Seeking stability (access required)

While many business executives, progressives and labor leaders disagree on issues related to taxes and regulations, most expressed at least some confidence in what could be in store for New Jersey under the administration of President Joe Biden. “The tone will be calmer,” said Tom Bracken, president and chief executive officer of the New Jersey Chamber of Commerce. “That’ll allow the ability to focus on the real areas of need as opposed to getting sidetracked every five minutes by some other issue that pops up. It kind of gives a more normal atmosphere.”

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