On Hillary has a more liberal record than Obama: Bush tax cuts

[ProSense]

Senate’s Tax Cuts for the Wealthy

Hillary voted to extend them:

Voted YES on retaining reduced taxes on capital gains & dividends.

Vote to reduce federal spending by $56.1 billion over five years by retaining a reduced tax rate on capital gains and dividends, as well as.

• Decreasing the number of people that will be required to pay the Alternative Minimum Tax (AMT)
  
• Allowing for deductions of state and local general sales taxes through 2007 instead of 2006
  
• Lengthening tax credits for research expenses
  
• Increasing the age limit for eligibility for food stamp recipients from 25 to 35 years
  
• Continuing reduced tax rates of 15% and 5% on capital gains and dividends through 2010
  
• Extending through 2007 the expense allowances for environmental remediation costs (the cost of cleanup of sites where petroleum products have been released or disposed)]

Status: Bill passed Bill passed, 66-31

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Roll Call

Voted YES on extending the tax cuts on capital gains and dividends.

This large piece of legislation (418 pages) includes numerous provisions, generally related to extending the tax cuts initiated by President Bush. This vote was on final passage of the bill. The specific provisions include:

1. Extension Of Expiring Provisions: for business expenses, retirement savings contributions, higher education expenses, new markets tax credit, and deducting state and local sales taxes.
   
2. Provisions Relating To Charitable Donations, and Reforming Charitable Organizations
   
3. Improved Accountability of Donor Advised Funds
   
4. Improvements in Efficiency and Safeguards in IRS Collection

Opponents of the bill recommend voting NAY because: Health care for children (among many other things) should come before tax cuts for the wealthy.

The 2-year cost of the extensions on capital gains tax cuts for the wealthiest Americans is $20 billion. So if we defer the tax break the administration is pushing for the wealthiest people in America, we would have enough money to provide basic health insurance for every uninsured child in America, and we would eliminate 20% of the uninsured Americans with that single act alone.

Proponents of the bill recommend voting YEA because: The largest provision in the bill--about $30 billion of tax relief--amounts to half of the net tax package and is designed to keep 14 million people out of the Alternative Minimum Tax. The AMT is terrible and should be repealed.

College tuition benefits for families who send their kids to college -- by definition, this benefit goes to middle-income families.

The small savers' credit -- for low-income folks that save through an IRA or pension plan.

Many small businesses use the small business expensing benefit to buy equipment on an efficient after-tax basis. It is good for small business. It is good for economic growth. Reference: Tax Relief Act of 2005; Bill S. 2020 ; vote number 2005-347 on Nov 18, 2005

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Roll Call

Also: 1. Kyl-Lieberman 2. 2001 bankruptcy bill 3. Cluster bombs ban



edited typo