April 5, 1995(Key vote)
Title: Contract With America Tax Relief Act of 1995
Vote Smart's Synopsis:
Vote to pass a bill that cuts personal and business taxes by $189 billion over 5 years.
Provides a $500 per child tax credit for families earning under $200,000.
Decreases the "marriage penalty" in the Federal tax code.
Increases to $750,000 the threshold at which assets are not subject to estate and gift taxes.
Establishes a new type of individual retirement plans (IRAs) called the "American Dream Savings Account" that allows individuals to invest up to $2,000 per year or compensation equal to an individual's gross income for a taxable year, whichever is less.
Allows individuals to withdraw funds from American Dream Savings accounts for first-time home purchases, education expenses, and emergency medical expenses.
Reduces the alternative capital gains tax on corporations from 35 percent to 25 percent.
Phases out the alternative minimum tax on corporations.
Increases the pension contributions of Federal employees.