MajorsJul 21, 2025
Rio Grande Expands Personalization OfferingsAs demand for custom jewelry grows, the company is expanding its services to support retailers.
Policies & IssuesAug 12, 2016
U.S. House votes to repeal estate tax
However, the legislation has little chance of going anywhere, at least for now, as it faces opposition from both the Senate and the president.
Washington--The U.S. House of Representatives voted 240 to 179 on Thursday to repeal the Estate Tax, the tax levied on a taxpayer after his or her death and paid by the administrator of the estate or heirs.
The vote came down largely along party lines--Republicans are for doing away with what they call the “death tax” while Democrats are against it, with only seven Democrats voting yes to the repeal.
Despite the House’s passage of the repeal--which very purposefully took place the day after Americans filed their taxes--it is unlikely to go anywhere under the current administration, as it faces opposition in the Senate and, beyond that, the threat of a veto by President Barack Obama.
The vote, however, sets the stage for possible repeal in 2017 when a new president takes office, proponents of doing away with the tax said.
Originally enacted nearly 100 years ago to break up the transfer of large fortunes passed from generation to generation in the same family, the tax applies to estates worth more than $5.43 million for an individual and $10.86 million for a couple, and the top tax rate on households that exceed these thresholds is 40 percent.
The current rate was set as part of compromise reached in the 2012 American Taxpayer Relief Act, which prevented the tax rate from reverting to 55 percent and the exemption level from dropping to $1 million for individuals and $2 million for couples.
Republicans, along with small business owners--including many independent jewelers--want to see the tax eliminated entirely because of the financial burden it imposes on those who wish to pass their family business from one generation to the next.
Back in 2012, when the current estate tax exemptions were set to expire, Jewelers of America was among those lobbying for a full and permanent repeal of the Estate Tax.
The organization said in a statement issued Friday that it applauds the House’s passage of legislation that would completely repeal the tax. “We remain concerned that family jewelry businesses could face … high tax rates in the future. If that happens, these taxpayers would face an estate tax burden that could force them to ‘sell the family farm’ after generations in business.”
Democrats and Obama stand firm against repeal because they argue that the estate tax impacts a very small percentage of American households.
Repealing it would benefit
only the country’s wealthiest citizens, and the loss of the funds generated by the tax would add to the federal deficit, they argue.
More on Policies & Issues
The Latest
Events & AwardsJul 21, 2025
NAJA’s 2025 ‘Ace It’ Conference To Go VirtualThe mid-year conference for jewelry and watch appraisers is slated for Aug. 9 to 10 on Zoom.
TrendsJul 21, 2025
Amanda’s Style File: Graduated With Honors Graduated stones make for elevated tennis-style pieces and dramatic statement necklaces.
Brought to you by
Taking the Moment Head On: How Rio Grande Champions the Present & Future of Fine JewelryAs a leading global jewelry supplier, Rio Grande is rapidly expanding and developing new solutions to meet the needs of jewelers worldwide.
Events & AwardsJul 21, 2025
Gem Awards Now Accepting Nominations for 2026Nominations in the categories of Jewelry Design, Media Excellence, and Retail Innovation will be accepted through July 30.
Weekly QuizJul 17, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsJul 18, 2025
Lewis Heyman on Sourcing Gemstones, Post-Retirement PlansHe retired last month after 28 years traveling the world to source the very best gemstones for his family’s jewelry business, Oscar Heyman.
TrendsJul 18, 2025
Piece of the Week: CCWW Designs’ Shell Charm NecklaceThe charm necklace features six nautical charms of shells and coral that founder Christina Puchi collected on Florida’s beaches.
Brought to you by
Investing in the Next Generation of Bench JewelersThe Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.
MajorsJul 18, 2025
Plumb Club Elects New Board MembersThe organization elected its youngest vice president as it looks to draw in fresh talent.
TechnologyJul 18, 2025
Brad Campbell, John Liebler Join Clientbook’s Executive Team Campbell joins the company as vice president of business development while Liebler is the new vice president of operations.
CollectionsJul 17, 2025
2026 Winter Olympic Medal Design Symbolizes UnityThe medals feature a split-texture design highlighting the Games’ first time being hosted by two cities and the athletes’ journeys.
Supplier BulletinJul 17, 2025
The INSTORE Jewelry Show 2025: Your Holiday Preparations, All Wrapped Up! Sponsored by The INSTORE Jewelry Show 2025
SurveysJul 17, 2025
The Most Recommended Brands in the World, According to YouGovGlobally, travel and transportation brands reigned, while in the U.S., alcoholic beverage companies and a lingerie brand took the top spots.
IndependentsJul 17, 2025
Gina Ferranti of GiGi Ferranti Jewelry Dies at 59The Brooklyn-based jewelry designer is remembered as a true artist and a rare talent.
SourcingJul 17, 2025
Rio Tinto Names New CEO, Production Rises at DiavikProduction at the mine in Canada’s Northwest Territories topped 1 million carats in Q2, the third consecutive quarter of growth.
Events & AwardsJul 17, 2025
JA to Hold Learning Workshops This FallA new slate of Learning Workshops will take place in Oklahoma, Mississippi, and Georgia.
SurveysJul 16, 2025
Signet Jewelers Falls Lower on NRF’s ‘Top 100’ Retailers ListThe middle class is changing its approach to buying jewelry and affordable luxury goods, the NRF said.
FinancialsJul 16, 2025
Richemont’s Jewelry Sales Up 7% in Q1It marks the third consecutive quarter of growth for Cartier, Van Cleef & Arpels, Buccellati, and Vhernier.
WatchesJul 16, 2025
The Top-Selling Rolex Models of the Last 15 Years, According to Bob’s Watches The reseller’s market trends report, based on its sales data, also shows exactly how much Rolex prices have jumped since 2010.
AuctionsJul 16, 2025
Christie’s To Honor Dinh Van With ExhibitionThe auction house will be hosting a retrospective paying tribute to jeweler Jean Dinh Van and his company’s 60th anniversary.
IndependentsJul 16, 2025
Clyde Duneier Ushers In Fourth GenerationJake Duneier and Danielle Duneier-Goldberg have stepped into the roles of CEO and president, respectively.
CollectionsJul 15, 2025
Boucheron’s New High Jewelry Calls Attention to Nature’s ImpermanenceThe “Impermanence” collection contemplates nature through the Japanese art of Ikebana (flower arranging) and philosophy of wabi-sabi.
MajorsJul 15, 2025
James Avery Expands to 2 More StatesThe Texas-based jewelry retailer has set up shop in Tennessee and Arizona.
Events & AwardsJul 15, 2025
Neiman Marcus Vet Joins Couture as Brand Director Eric Ford will step into the role, bringing with him decades of experience.
MajorsJul 15, 2025
Ben Bridge Jeweler Acquires Olympic ManufacturingIn addition to improved capabilities, the acquisition will allow the jeweler to offer support to other independent jewelers.
CollectionsJul 15, 2025
Guzema Debuts First Colored Gemstone JewelryThe “Celestial Blue” capsule collection campaign features Olympian Kateryna Sadurska.
MajorsJul 14, 2025
Nanis Opens First StoreThe seasonal store, located in Mykonos, Greece, offers exclusive events, personal styling, and curated experiences.
