What: All Issues : Fair Taxation : Corporate Tax Breaks, General : H.R. 2. Tax Reductions/Passage of a Bill Containing $550 Billion in Tax Cuts That Mainly Benefit Wealthy Individuals Which Would Reduce Federal Revenue and Likely Necessitate Cuts in Domestic Spending. (2003 house Roll Call 182)
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H.R. 2. Tax Reductions/Passage of a Bill Containing $550 Billion in Tax Cuts That Mainly Benefit Wealthy Individuals Which Would Reduce Federal Revenue and Likely Necessitate Cuts in Domestic Spending.
house Roll Call 182     May 09, 2003
Progressive Position:
Nay
Progressive Result:
Loss

The subject of this vote was final passage of a tax cut bill which would provided $550 billion in tax breaks over eleven years. Provisions in the bill would reduce the tax rate on dividends taxes, capital gains taxes, and income taxes. Businesses would be allowed to write off up to $100,000 in investments, and the child tax credit would be increased to $1000 for middle and upper income taxpayers. The standard deduction for married couples would be double that for single filers through 2005, thereby eliminating the so-called marriage penalty in those years (because couples have a higher tax obligation than if they file their taxes separately, they are in essence penalized under the current tax code). Progressives opposed final passage of the bill because, in their estimation, the proposal disproportionately benefits highincome taxpayers and provides inadequate tax breaks for low and middle income individuals. Additionally, Progressives were concerned that the tax cut would significantly increase federal budget deficits in future years and would reduce the availability of funding for human needs such as public education, health care, and Social Security. On a nearly party-line vote, the tax cut was passed by a 222-203 margin.

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