Taxation
- Posted by admin on July 16th, 2008 filed in Candidates, Taxation, Votes
2006
Estate Tax Repeal Permanency Act (H.R. 
A motion to close debate and move forward to a vote on the a bill which would make permanent the repeal of the estate tax, thereby seriously jeopardizing funds at the federal and state levels for education and other priorities. The motion failed 57-41 (needed 60 votes) on June 8, 2006. (Senate Vote # 164 )
Senator McCain: Yea              Senator Obama: Nay
Tax Package (H.R. 5970) This vote was essential to stopping passage of the “trifecta” bill, which would have deprived the federal government of billions of dollars of revenue necessary to continue to support human needs programs. A vote to invoke cloture (thus limiting debate) would have brought the bill to the floor for a vote. The motion failed August 3, 2006, 56-42. (Senate Vote #229)
Senator McCain: Yea                 Senator Obama: Nay
2007
The Earned Income Tax Credit Amendment to S. 1348, Comprehensive Immigration Reform Act of 2007. Amendment 1234 to the Comprehensive Immigration Reform Act of 2007 (CIRA) bars two CIRA-created categories of legally authorized immigrant workers-temporary workers with Y visas and formerly undocumented immigrants on the path to legalization with Z visas-from receiving the EITC until they are granted legal permanent resident status, a process that could take eleven years.
Created in 1975 and expanded during the 1990s, the EITC is critical to the efforts of low-wage workers to escape poverty and to make ends meet. This amendment would prolong the impoverishment of immigrants and their families even after they have an established legal right to live and work in the United States. Passed June 6th, 2007, 56-41-2, but died as a part of Comprehensive Immigration Reform Act. (Senate Vote #192)
Senator McCain: Yea               Senator Obama: Nay
Estate Tax Amendment (S.A. 583) to S. Con. Res. 21 The estate tax is a progressive feature of the U.S. tax code. Under the 2001 Bush tax cuts, the estate tax exemption has steadily risen from its pre-Bush administration level of $675,000 and will reach $3.5 million in 2009 with a 45 percent maximum tax rate. Senate Amendment 583 to the budget resolution raises the estate tax exemption to $5 million per estate with a top rate of no more than 35 percent beginning in 2010. Nearly all of the benefits of this change would go to estates valued at $5 million or more due to the lower tax rate. Without estate tax revenues, federal programs such as health care and education would lack crucial funding and inevitably face cuts in the years to come. Failed March 23rd, 2007, 48-51-1. (Senate Vote #102)
Senator McCain: Yea            Senator Obama: Nay
2008
Tax Increase Prevention Act of 2007 (H.R. 3996) This bill amending the Tax Code includes a provision that greatly benefits low-income families by expanding the Child Tax Credit (CTC). The CTC is a partially refundable tax credit aimed at offsetting some of the expenses of raising a child. Under current law, families must have earnings above $12,050 to qualify for the refundable CTC; this bill lowers the threshold to $8,500. This change in the CTC would benefit the families of thirteen million low-income children, including three million whose families would become newly eligible for the CTC and ten million whose families would see their credit increase. The Senate cloture vote was the decisive vote on whether the Senate would approve an expansion of the CTC. Motion to invoke cloture failed December 6th, 2008, 46-48-6 (57 votes needed) (Senate Vote #414)
Senator McCain: Not Voting                Senator Obama: Not Voting
