What: All Issues : Fair Taxation : Corporate Tax Breaks, General : HR 4931. Pension Tax Incentives/Vote on Democratic Version of Bill to Install Safeguards Against Corporate Corruption Involving Employee Pension Accounts. (2002 house Roll Call 246)
 Who: All Members
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HR 4931. Pension Tax Incentives/Vote on Democratic Version of Bill to Install Safeguards Against Corporate Corruption Involving Employee Pension Accounts.
house Roll Call 246     Jun 21, 2002
Progressive Position:
Yea
Progressive Result:
Loss

Most of the Bush tax cuts of 2001 had been temporary, and were scheduled to expire by around 2010. Republicans in the House worked throughout 2002 to make permanent as many of these cuts as possible. Among the tax cuts they wanted to make permanent were incentives to encourage participation in pensions and retirement plans. Progressives felt that reconsideration of these incentives, combined with the scandals of Enron and other corporations, provided the perfect opportunity to reign in corporate excesses. They offered an amendment to the tax cut extension that would have required executives to pay capital gains on stock options if their companies relocated overseas, would have extended an excise tax on large severance packages, and would have taxed deferred-compensation plans that have been used to avoid bankruptcy restrictions. This amendment was rejected, 182-204.

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