What: All Issues : Fair Taxation : Tax Breaks for the Rich : HR 4931. Pension Tax Incentives/Final Passage of a Bill to Create a Complex Set of Tax Incentives for Pension Contributions that Fails to Address Issues of Corporate Corruption Involving Employee Pension Accounts. (2002 house Roll Call 248)
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HR 4931. Pension Tax Incentives/Final Passage of a Bill to Create a Complex Set of Tax Incentives for Pension Contributions that Fails to Address Issues of Corporate Corruption Involving Employee Pension Accounts.
house Roll Call 248     Jun 21, 2002
Progressive Position:
Nay
Progressive Result:
Loss

Throughout 2002, House Republicans sought to make permanent the temporary provisions of Bush's $1.3 trillion tax cut of 2001. The provisions generally expired in 2010 under the original law. This particular bill made permanent a series of tax incentives to encourage participation in pensions and retirement plans. The incentives increased contribution limits to individual retirement accounts (IRAs) and 401(k) pension plans, and allowed additional "catch-up" payments to IRAs for workers 50 and older. Progressives opposed these tax breaks because they did not address issues of corporate corruption, and because they were complicated enough in their details that only the wealthiest Americans would be likely to take advantage of them. Progressives voted no, but the tax breaks passed by a wide margin, 308-70. The bill faced an uncertain future in the Democratic-controlled Senate.

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