What: All Issues : Fair Taxation : HR 2143. Repealing the Estate Tax/Vote on Democratic Version of Estate Tax Reform Which Maintained the Tax But Capped Its Highest Rate and Reduced Its Incidence on Taxpayers. (2002 house Roll Call 217)
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HR 2143. Repealing the Estate Tax/Vote on Democratic Version of Estate Tax Reform Which Maintained the Tax But Capped Its Highest Rate and Reduced Its Incidence on Taxpayers.
house Roll Call 217     Jun 06, 2002
Progressive Position:
Yea
Progressive Result:
Loss

Prior to the president's $1.35 trillion tax cut of 2001, the federal government imposed a tax on the largest private inheritances-those worth more than $675,000. The 2001 tax cut gradually increased this cutoff until the tax disappeared entirely in 2010. But after 2010, the tax was set to return to something approximating its original form. Republicans saw this as a deficiency, so they proposed a bill in the House to make the repeal permanent. Progressives opposed this bill because they felt the repeal benefited only the very wealthiest Americans while sapping the U.S. Treasury of a substantial amount of money. As a compromise, they supported a substitute version proposed by Pomeroy (D-ND). Pomeroy's version would maintain the tax but permanently increase the cutoff to $3 million and cap the size of the tax at 50 percent (it also would have replaced a five percent surtax on estates valued at over $10 million). Progressives voted for this substitute, but it was rejected 197-231.

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