What: All Issues : Making Government Work for Everyone, Not Just the Rich or Powerful : Insuring Government Has Adequate Financing to Function : H.R. 2. Tax Reductions/Passage of a Bill Containing $350 Billion in Tax Cuts Mainly for Wealthy Individuals Which Would Reduce Federal Revenue and Likely Necessitate Cuts in Domestic Spending. (2003 senate Roll Call 179)
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H.R. 2. Tax Reductions/Passage of a Bill Containing $350 Billion in Tax Cuts Mainly for Wealthy Individuals Which Would Reduce Federal Revenue and Likely Necessitate Cuts in Domestic Spending.
senate Roll Call 179     May 15, 2003
Progressive Position:
Nay
Progressive Result:
Loss

The subject of this vote is final passage of a tax cut bill that would reduce taxes by $350 billion over eleven years. Provisions in the bill would exempt fifty percent of dividend income from taxation in 2003 and one-hundred percent of that income in 2004 through 2006. Taxes on overseas corporate income would be reduced eighty five percent in 2004, and marginal income tax rates at all income levels would be reduced. The child tax credit would be increased to $1000. In a compromise worked out with Democrats, states and localities would receive $20 billion in financial relief. In the view of Progressives, the tax cut bill heavily favored wealthy individuals over middle and low income taxpayers and they opposed final passage on those grounds. Progressives also worried that the bill would have a minimal stimulus effect on the economy and would dramatically increase federal budget deficits in the future. Democrats overwhelmingly opposed the bill but the measure was narrowly adopted on a 51-49 vote.

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