What: All Issues : Fair Taxation : H.R. 8. Estate Tax Repeal/Vote on Democratic Substitute Measure to Retain, at a Reduced Rate, the Estate Tax Which Targets Wealthy Taxpayers and Comprises an Important Source of Government Revenue. (2003 house Roll Call 287)
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H.R. 8. Estate Tax Repeal/Vote on Democratic Substitute Measure to Retain, at a Reduced Rate, the Estate Tax Which Targets Wealthy Taxpayers and Comprises an Important Source of Government Revenue.
house Roll Call 287     Jun 18, 2003
Progressive Position:
Yea
Progressive Result:
Loss

During debate on legislation which would permanently repeal the estate tax, Congressman Pomeroy (D-ND) proposed a substitute bill on behalf of the Democratic party which would have imposed a forty-nine percent tax on estates valued at over $3 million. Progressives endorsed the Pomeroy proposal because, in their view, maintaining the estate tax is necessary to insure that wealth and power does not become concentrated in the hands of a relatively small group of individuals. The estate tax, Progressives noted, only applies to estates that are worth over $3 million; very few low and middle income taxpayers, Progressives argued, would benefit from the estate tax repeal because those individuals are unlikely to own multi-million dollar estates. Progressives also argued that the GOP-drafted estate tax repeal would cost the U.S. Treasury over $800 billion in the next decade; that money, in the view of Progressives, would be better spent insuring that the baby-boomer generation is able to benefit from the payroll taxes they have paid into the Social Security and Medicare programs. The Pomeroy substitute bill was defeated on a 188-239 vote.

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