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RELATED LEGISLATION:
Cosponsor of H.R. 10 - Comprehensive Retirement Security and Pension Reform Act
of 2001
Would increase the individual retirement account (IRA) annual dollar contribution
limit from $2,000 to $3,000 in 2002, $4,000 in 2003, and $5,000 in 2004. For
individuals age 50 and over that such limit would be $5,000 in 2002, with indexing
in $500 increments after 2004. It also expands coverage by increasing the annual
benefit limits from $90,000 to $160,000 and annual contribution limits from $30,000
to $40,000. The bill would also give people more portability, as it would allow
a rollover of an IRA to an employer plan.
Cosponsor of H.R. 1134 - Former Insurance Agents Tax Equity Act of 2001
Would amend the Internal Revenue Code of 1986 to modify the exemption from the
self-employment tax for certain termination payments received by former life
insurance salesmen.
Cosponsor of H.R. 1172 - Historic Homeownership Assistance Act
Would amend the Internal Revenue Code of 1986 to provide a credit against income
tax to individuals who rehabilitate historic homes or who are the first purchasers
of rehabilitated historic homes for use as a principal residence.
Cosponsor of H.R. 12 - IRA Fairness Act of 2001
Would amend the Internal Revenue Code of 1986 to increase the limit on contributions
to individual retirement accounts.
Cosponsor of H.R. 1305
Would amend the Internal Revenue Code of 1986 to reduce the tax on beer to its
pre-1991 level.
Cosponsor of H.R. 3015 - Working Families Tax Rebate Act of 2001
Would amend the Internal Revenue Code of 1986 to provide a refund of up to $300
to individuals for payroll taxes paid in 2000.
Cosponsor of H.R. 622 - Hope for Children Act
Amends the Internal Revenue Code of 1986 to expand the adoption credit and promote
more adoptions.
Cosponsor of H.R. 831 - Long-Term Care and Retirement Security Act of 2001
Would amend the Internal Revenue Code to allow a deduction (based on years of
continuous coverage) for eligible long-term care insurance premiums for a taxpayer,
spouse, and dependents, including accelerated deduction percentages for persons
who are 55 years old or older. This bill would also allow long-term care insurance
to be offered under cafeteria plans and flexible spending arrangements, and allows
an income-adjusted credit for eligible individuals with long-term care needs.
Supported
An alternative to H.R. 6, the Marriage Tax Elimination Act of 2001, that would
have ended marriage penalties and also provided an immediate $300 rebate for
individual taxpayers and $600 for married couples.
Voted against H.R. 1836 - Economic Growth and Tax Relief Reconciliation Act of
2001
incorporates provisions from H.R. 3, H.R. 6, H.R. 8, H.R. 10 (described above).
This bill will cost $1.35 trillion over the period 2001 to 2011, and all tax
cuts included in the bill expire after 2010. Among other provisions, this bill
reduces the current individual income tax rates to 10%, 15%, 25%, 31% and 35%.
It increases the per-child tax credit from $500 to $1000, phased in over 2001
to 2010. It increases the standard deduction for married couple to twice that
of a single filer over the period 2005 to 2009. It widens the 15% tax rate bracket
for married couples so that it is twice as wide as for single filers. It phases
out the federal estate tax over the period 2002-2010. The phase-out consists
of a gradual reduction in estate tax rates over the phase-out period, as well
as an increase in the effective exemption delivered by the estate and gift tax
unified credit. The effective exemption is increased to $1 million in 2002 and
to $3.5 million by 2009.
Voted for a substitute bill that would have include a one-time rebate, payable
immediately after enactment, to all individuals who had income tax liability
for taxable year 2000, up to a maximum of $300 for single taxpayers, $600 for
married couples; make individual income tax rate reductions; modify the earned
income tax credit; and provide marriage penalty relief.
Voted against H.R. 3 - Economic Growth and Tax Relief Act of 2001
Gradually reduces tax rates from 15% to 10% on a new bracket of $12,000 for
married couples and $6,000 for singles. It would gradually reduce the 28% and
31% rates to 25% and the 36% and 39.6% rates to 33%, beginning in 2002.
Voted for a substitute bill that would have created a new 12 percent tax rate
(phased in by 2003, for the first $20,000 of taxable income); increased the
earned income tax credit; created a standard deduction for married couples
equal to twice the standard available to single individuals; and provided marriage
penalty relief in the earned income tax credit and the rate reductions.
Voted against H.R. 3090 - Economic Security and Recovery Act of 2001
This bill includes a provision to allow expensing for 30% of the cost of equipment.
It also includes a repeal of the corporate alternative minimum tax along with
a refund of accumulated credits, a 15 year write-off period for leasehold improvements,
a supplemental rebate for those without enough tax liability to use the prior
rebate, an acceleration of the already enacted cut in the 28% and 31% rates
to 25%, a temporary increase in the individual alternative minimum tax exemption,
a reduction in the capital gains rates from 20% to 18% and from 10% to 8% for
all property held in a year.
Voted against H.R. 8 - Death Tax Elimination Act
Would gradually lower the estate tax over 10 years and then fully repeal it.
The bill would convert the current credit to an exemption in 2002, repeal the
phase-out of the exemption in 2002, and lower the top rates to 53% in 2002
and 50% in 2003. All rates would be lowered by one percentage per year in 2003-2006,
lowered by 2 percentage points in 2007-2010, and reduced to zero in 2011.
Voted for a substitute that provides estate tax relief targeted to family
farms and small businesses. This alternative would cost $40 billion over ten
years, and includes an immediate $2 million exclusion from estate taxes ($4
million per couple) increasing to $2.5 million by 2010 ($5 million per couple).
Two-thirds of all estates that pay tax under current law would be exempt, and
99.4 percent of all farms would also be exempt.
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