HR 1215 - Contract With America Tax Relief Act of 1995 - Key Vote

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John Mica voted Yea (Passage) on this legislation.

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Legislation - Bill Passed (House) (246-188) - 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.

Highlights:

- 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.

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Legislation - Introduced (House) - March 13, 1995

Title: Contract With America Tax Relief Act of 1995

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