| AFL-CIO |
| TAX CUTS - H.R. 86. |
| The House passed legislation that would have made 2001's massive $1.74 trillion tax cut permanent - while the government moved from large budget surpluses to massive deficits. According to the Center on Budget and Policy Priorities, this legislation would use an additional $374 billion worth of federal budget surpluses in fiscal years 2003-2012 to pay for tax cuts primarily for the wealthy rather than to strengthen Social Security and Medicare, provide a Medicare prescription drug benefit or otherwise assist working families. The legislation would cost another $4 trillion in FY's 2013-1022, the decade during which most "Baby Boomers" are expected to retire and begin relying on Social Security and Medicare. The bill passed.
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| Americans for Democratic Action |
| HR 586. Permanent Tax Cuts. |
Thomas (R-CA) motion to make permanent the cuts in last year’s $1.35 trillion tax reduction package, which had been set to expire in 2010. The package included reductions in income tax rates, tax breaks for married couples, elimination of the estate tax, doubling of the child tax credit, and expansion of pension and education savings provisions. Motion agreed to.
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| Concord Coalition |
| Making Tax Cuts Permanent. |
| As the House considered HR 586, Rep. Thomas (R-CA) moved to concur with a Senate amendment that would permanently extend the tax cuts in the $1.35 trillion tax cut package which are set to expire in 2010. Among the provisions affected are reductions in income tax rates, relief of the marriage penalty, elimination of the estate tax, doubling of the child tax credit, and expansion of the pension and education savings provisions. This group argued that such action was premature in the absence of a broader agreement between Congress and the Bush administration to balance the budget again without tapping into the Social Security surplus. The bill passed.
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| National Federation of Independent Business |
| Tax Relief Guarantee Act of 2002 - H.R. 586. |
| Sponsored by Rep. Bill Thomas, R-Calif,
H.R. 586 would permanently extend the
tax cuts in last year's $1.35 trillion tax reduction,
many of which are set to expire at the end
of 2010. It would extend reductions in income
tax rate, relief of the marriage penalty, elimination
of the estate tax, doubling of the child tax
credit, and expansion of pensions and education
provisions. The bill would also revise various
Internal Revenue Service tax provisions,
including penalty, interest and collection provisions.
It would change penalties for failure to
pay estimated taxes; waive minor, first-time
error penalties; exclude interest on unintentional
overpayments from taxable income; and
allow the IRS greater discretion in disciplining
employees who violate policies.
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| National Catholic Social Justice Lobby |
| Tax Relief Guarantee Act of 2002. |
| This bill makes massive tax cuts passed last year permanent, instead of lasting just 10 years as originally passed.
The House agreed to the Senate amendment to H.R. 586, to amend the Internal Revenue Code of 1986 to provide that the exclusion from gross income for foster care payments shall also apply to payments by qualified placement agencies with an amendment in the nature of a substitute made in order by the rule and printed in H. Rept. 107-412. The title was amended to as to read: "A bill to amend the Internal Revenue code of 1986 to make permanent the tax reductions enacted by the Economic Growth and Tax Relief Reconciliation Act of 2001 and to protect taxpayers and ensure accountability of the Internal Revenue Service."
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| Service Employees International Union |
| House Votes to Make Bush Tax Cut Permanent. |
The U.S. House voted to make permanent the Bush $1.35 trillion Tax Cut. By repealing the "sunset" provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 Title IX, the tax proposals will continue past the original 10-year projection.
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| National Committee to Preserve Social Security and Medicare |
| HR586: Permanent Tax Cuts -Concur with Senate Amendments. |
Thomas, R-CA, motion to
concur in a House amendment to Senate
amendments to the bill that would permanently
extend the cuts in last year’s $1.35
trillion tax reduction package, many of
which are set to expire in 2010. Permanent
extension of the tax cut would cost
$4 trillion from 2012-2023. This group places a higher-priority effort to
ensure long-term solvency of Social Security
and Medicare. The motion agreed.
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| Eagle Forum |
| Tax Relief Guarantee Act of 2002. |
Passage of the H.R.586, the Tax Relief Guarantee Act of 2002 (previously entitled the Fairness for Foster Care Families Act), which would make the tax cuts passed in 2001 permanent by elminating the expiration date of December 31, 2010.
Bill passed the House.
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| Americans for Tax Reform |
| Tax Relief Guarantee Act of 2002. |
The House passed H.R. 586, to amend the Internal Revenue Code of 1986 to make permanent the tax reductions enacted by the Economic Growth and Tax Relief Reconciliation Act of 2001.
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