Expresses the sense of the Senate that Congress should enact tax reform that repeals unfair and unnecessary tax loopholes and expenditures, simplifies the tax system, and makes sure that the wealthiest taxpayers pay a fair share of taxes.
Source: HR3903/S2230 12-HR3903 on Apr 16, 2012
Raising estate tax to 1990s level means $448B in new revenue.
Lee voted NAY Death Tax Repeal Act
Heritage Action Summary: This bill would repeal the estate and generation-skipping transfer taxes, as well as cut the top gift tax rate.
Heritage Foundation recommendation to vote YES: (4/16/2015): Collectively, these measures repeal the pernicious double tax known as the `death tax,` and result in a tax cut of $269 billion over 10 years. The death tax hurts economic growth and therefore limits the ability of Americans to prosper. Repealing the death tax would generate an average of 18,000 jobs annually and increase the overall net worth of American households by $300 billion a year. The federal government should encourage, not punish, Americans who work and pay taxes their whole lives, save enough to support themselves through retirement, and retain the ability to fulfill the American Dream by passing along a better life to their children.
Secretary of Labor Robert Reich recommendation to vote YES: (robertreich.org 6/4/2015):
At a time of historic economic inequality, it should be a no-brainer to raise a tax on inherited wealth for the very rich. Yet there`s a move among some members of Congress to abolish it altogether. Today the estate tax reaches only the richest 2/10 of 1%, and applies only to dollars in excess of $10.86 million for married couples or $5.43 million for individuals. That means if a couple leaves to their heirs $10,860,001, they now pay the estate tax on $1. The current estate tax rate is 40%, so that would be 40 cents. Yet according to these members of Congress, that`s still too much. Our democracy`s Founding Fathers did not want a privileged aristocracy. Yet that`s the direction we`re going in. The tax on inherited wealth is one of the major bulwarks against it. That tax should be increased and strengthened.
Legislative outcome: Passed by the House 240-179-12; never came to vote in Senate.
Source: Congressional vote 15-H1105 on Apr 16, 2015
Tax incentives for child care; eliminate marriage penalty.
Lee adopted the Women's Caucus policy agenda:
The teams of the Women’s Caucus are charged with advancing action on their designated issues in a bipartisan manner. Legislation from Team 10. TAX POLICY:
Child Care:
- HR389—Child Care Infrastructure Act of 1999—A bill to provide a credit against tax for employers who provide child care assistance for dependents of their employees, and for other purposes. (Maloney/Ros-Lehtinen)
- HR963—Child Care Availability Incentive Act—A bill to allow employers a credit for a portion of the expenses of providing dependent care services to employees. (Pryce/Roemer)
- HR1097—A bill to amend the Internal Revenue Code of 1986 to simplify the $500 per child tax credit and other individual non-refundable credits by repealing the complex limitations on the allowance of those credits resulting from their interaction with the alternative minimum tax. (Neal)
Dependent Care Tax Credit:
Several bills pending to expand the DCTC—General concepts we endorse—Increase percentage of expenses from 30% to 50% Increase the income level at which one can receive the maximum credit from $10,000 to $30,000 Some kind of state-at-home parent component Indexation for inflation Bills: HR1139 (Tauscher)—the Affordable Child Care, Education, Security, and Safety Act, a bill which includes this provision. HR2259 (N. Johnson)—Tax Relief for Parents Act of 1999, a bill to amend the Internal Revenue Code of 1986 to expand the dependent care credit.
Marriage Penalty:
HR6—Marriage Tax Elimination Act of 1999—A bill to amend the Internal Revenue Code of 1986 to eliminate the marriage penalty by providing that the income tax rate bracket amounts, and the amount of the standard deduction for joint returns shall be twice the amounts applicable to unmarried individuals. (Weller/McIntosh/Danner)
Source: Women's Caucus Agenda-106th Congress 99-WC13 on Jul 15, 1999
Tax incentives for education, new schools, & families.
Lee adopted the Women's Caucus policy agenda:
The teams of the Women’s Caucus are charged with advancing action on their designated issues in a bipartisan manner. Legislation from Team 10. TAX POLICY:
Estate Tax:
- HR241—Surviving Spouse Fairness Act of 1999—A bill to amend the Internal Revenue Code of 1986 to provide that the $500,000 exclusion of gain on the sale of a principle residence shall apply to certain sales by a surviving spouse. (Roukema)
Education:
- HR464—Higher Education Affordability and Availability Act—A bill to provide tax incentives for education and to exclude from income distributions from qualified tuition programs used for qualified higher education expenses (Granger)
School Construction: —providing low-interest bonds to local school districts:
- HR1760—America’s Better Classrooms Act of 1999 (N.Johnson) HR415—Expand and Rebuild America’s Schools Act of 1997 (Sanchez)
- HR1660—Public School Modernization Act of 1999 (Rangel)
- HR2085—Family Tax Reduction Act of 1999—A bill to amend the Internal Revenue Code of 1986 to end the marriage penalty, to provide estate tax relief for family-owned farms and other family-owned businesses, to provide a tax credit for longterm care needs, to expand the child and dependent care tax credit, to increase the deduction for health insurance costs for self-employed individuals, and to adjust for inflation the exemption amounts used to calculate the individual alternative minimum tax. (Hooley)
- HR2020—Tax Relief for Working Americans Act of 1999—A bill to amend the Internal Revenue Code of 1986 to provide marriage penalty relief, incentives to encourage health coverage, and increased child care assistance, to extend certain expiring tax provisions, and for other purposes. (N. Johnson).
Source: Women's Caucus Agenda-106th Congress 99-WC14 on Jul 15, 1999
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