Temporary Tax Relief Act of 2007

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Bill summary

This bill, which was put into law on December 26, 2007, amended the Internal Revenue Code of 1986 to extend certain expiring provisions, and for other purposes.[1]

Senate Action

The U.S. Senate voted on H.R. 3996 on December 6, 2007.


Same for all scorecards:

Scored vote

Scorecard: National Journal 2007 Senate Scorecard

Org. position: Nay

Description:

"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.)"

(Original scorecard available at: http://www.nationaljournal.com/voteratings/senate_votes.htm)

House Votes

Same for all scorecards:

Scored vote

Scorecard: FreedomWorks 2007 House Scorecard

Org. position: {{{Vote position 1}}}

Description:

"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."

(Original scorecard available at: http://www.freedomworks.org/keyvotes/2007_house.php?state=0&submit=Go)

Scored vote

Scorecard: American Conservative Union 2007 House Scorecard

Org. position: Nay

Description:

"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."

(Original scorecard available at: http://www.acuratings.org/)

Scored vote

Scorecard: Americans for Democratic Action 2007 House Scorecard

Org. position: Aye

Description:

"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."

(Original scorecard available at http://www.adaction.org/pages/publications/voting-records.php

Scored vote

Scorecard: Drum Major Institute 2007 House Scorecard

Org. position: Aye

Description:

"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."

(Original scorecard available at http://www.drummajorinstitute.org/library/report.php?ID=63

Articles and resources

See also

References

  1. Temporary Tax Relief Act of 2007 on [1].

External resources

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