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Tax Increase Prevention Act of 2007
American Conservative Union 2007 House Scorecard description The House passed a one-year extension of a The House passed a one-year extension of a provision keeping 21 million middle-income taxpayers from being hit with the Alternative Minimum Tax designed to apply to millionaires. The measure included other tax increases to “pay for” the supposedly “lost” revenue. ACU favors complete repeal of the AMT, and so opposed this stop-gap measure. AMT, and so opposed this stop-gap measure.
American Conservative Union 2007 House Scorecard position Nay +
American Conservative Union 2007 House Scorecard source Http://www.acuratings.org/ +
Americans for Democratic Action 2007 House Scorecard description Passage of a bill providing a one-year adj Passage of a bill providing a one-year adjustment to the alternative minimum tax (AMT) on 2007 income, exempting an additional 21 million taxpayers from paying the tax. It would extend several expiring tax provisions for one year, expand eligibility for the refundable child tax credit in 2008 by setting the threshold for the credit at $8,500. To offset the cost of the measure, the bill would require private equity managers, venture capitalists, and some real estate investors to be taxed at the regular personal income tax rate of up to 35%, rather than the current 15% rate for capital gains. an the current 15% rate for capital gains.
Americans for Democratic Action 2007 House Scorecard position Aye +
Americans for Democratic Action 2007 House Scorecard source Http://www.adaction.org/pages/publications/voting-records.php +
Bill of vote Temporary Tax Relief Act of 2007 +
Chamber 111th United States Congress + , U.S. Senate +
Congress number 110th +
Drum Major Institute 2007 House Scorecard description The Temporary Tax Relief Act of 2007 ensur The Temporary Tax Relief Act of 2007 ensures that middle-class Americans are not overwhelmed by a tax that they were never intended to pay. An increase of approximately $3,000 in tax payments for more than 20 million American homes would be disastrous for families already reeling from home foreclosures, high gas prices, and nearly stagnant wages. The bill’s tax credit increases and extensions, including credits for college tuition and for improving public schools in economically distressed areas, benefit current and aspiring middle-class families. The legislation also spares families who have lost their homes to foreclosure from large income tax bills that would result from their mortgage debts being voided. This provision provides relief for households engulfed by the housing crisis that would otherwise be subject to large tax bills even after losing their homes. The bill’s revenue-raising tax hikes target the appropriate group: extraordinarily wealthy hedge fund and private equity managers who have exploited loopholes in the tax code to avoid paying their fair share of taxes. Finally, the Tax Relief Act’s prohibition of debt-collection contracts between the IRS and private companiesm will put a stop to the harassment of lower- and middle-income taxpayers that resulted from the unaccountable, inefficient, and expensive outsourcing of a public function to the private sector. f a public function to the private sector.
Drum Major Institute 2007 House Scorecard position Aye +
Drum Major Institute 2007 House Scorecard source Http://www.drummajorinstitute.org/library/report.php?ID=63 +
FreedomWorks 2007 House Scorecard description While providing tax relief for some, this While providing tax relief for some, this bill contains a tax increase on carried interest and private equity, expatriates, and deferred compensation. Additionally, HR 3996 would delay another tax cut for 8 years, which essentially amounts to a tax increase. “Nay” votes scored. ts to a tax increase. “Nay” votes scored.
FreedomWorks 2007 House Scorecard source Http://www.freedomworks.org/keyvotes/2007 house.php?state=0&submit=Go +
Modification date
National Journal 2007 Senate Scorecard description Limit debate on a measure to revise the al Limit debate on a measure to revise the alternative minimum tax to prevent coverage of additional taxpayers, and offset that change with corporate tax increases. December 6. (46-48; 60 votes required to invoke cloture. Senate Majority Leader Harry Reid, D-Nev., voted no so that he could subsequently move to reconsider the vote.) subsequently move to reconsider the vote.)
National Journal 2007 Senate Scorecard position Nay +
National Journal 2007 Senate Scorecard source Http://www.nationaljournal.com/voteratings/senate votes.htm +
Roll call number 1081 + , 414 +
Scorecard vote FreedomWorks 2007 House Scorecard + , American Conservative Union 2007 House Scorecard + , Americans for Democratic Action 2007 House Scorecard + , Drum Major Institute 2007 House Scorecard + , National Journal 2007 Senate Scorecard +
Session number 1 +
Categories Congresspedia  + , Economic Policy (U.S.)  + , U.S. legislation  + , Record votes  +
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