Key Votes

HR 2014 - Budget Reconciliation Bill - Key Vote

National Key Votes

Newt Gingrich voted Yea (Passage) on this Legislation.

Read statements Newt Gingrich made in this general time period.

Stages

Family

Issues

Stage Details

Legislation - Signed (Executive) - Became Public Law No. 105-34 -
Note:

NOTE: THIS BILL WAS SIGNED AFTER A LINE ITEM VETO(S).

Legislation - Conference Report Adopted (House) (389-43) - (Key vote)

Title: Budget Reconciliation Bill

Vote Smart's Synopsis:

Vote to adopt a conference report on a bill that provides a net tax decrease over the next ten years.

Highlights:
  • Lowers net taxes by $95.2 billion over 5 years and $275 billion over 10 years.
  • $39 billion in tax incentives for education, including $1,500 credit per-student for each of the first two years of college.
  • $500 per child tax credit for single parents with an income less than $75,000 or couples with a joint income of $110,000 or less.
  • Creates Individual Retirement Accounts with non-deductible contributions and tax-free earned interest (Roth IRA's).
  • Reduces maximum capital gains tax rate from 28% to 20%.
  • Raises federal estate tax exemption from $600,000 to $1 million over 10 years.
  • Designates entire gas tax for the Highway Trust Fund.
  • Changes alternative minimum tax for large corporations and eliminates it for small businesses.
  • Increases availability of penalty-free and tax-free withdrawals from Individual Retirement Accounts in order to fund higher education.
  • Allows ethanol tax credit to expire on September 30, 1999.
Legislation - Conference Report Adopted (Senate) (92-8) - (Key vote)

Title: Budget Reconciliation Bill

Vote Smart's Synopsis:

Vote to adopt a conference report on a bill that provides a net tax decrease over the next ten years.

Highlights:
  • Lowers net taxes by $95.2 billion over 5 years and $275 billion over 10 years.
  • $39 billion in tax incentives for education, including $1,500 credit per-student for each of the first two years of college.
  • $500 per child tax credit for single parents with an income less than $75,000 or couples with a joint income of $110,000 or less.
  • Creates Individual Retirement Accounts with non-deductible contributions and tax-free earned interest (Roth IRA's).
  • Reduces maximum capital gains tax rate from 28% to 20%.
  • Raises federal estate tax exemption from $600,000 to $1 million over 10 years.
  • Designates entire gas tax for the Highway Trust Fund.
  • Changes alternative minimum tax for large corporations and eliminates it for small businesses.
  • Increases availability of penalty-free and tax-free withdrawals from Individual Retirement Accounts in order to fund higher education.
  • Allows ethanol tax credit to expire on September 30, 1999.
Legislation - Bill Passed With Amendment (Senate) (80-18) -
Legislation - Bill Passed (House) (253-179) - (Key vote)

Title: Budget Reconciliation Bill

Vote Smart's Synopsis:

Vote to pass a bill that provides a net tax decrease over the next ten years.

Highlights:
  • Amends the Internal Revenue Code to allow a tax credit of up to $500 for each of a taxpayer's qualifying children.
  • Permits total aggregate tax deduction of up to $40,000 for higher education expenses that have already been paid for.
  • Waives the 10 percent withdrawal tax on Individual Retirement Account (IRA) distributions if the withdrawal is used to pay higher education expenses.
  • Establishes the American Dream (AD) IRA, limits contributions to $2,000 annually, and prohibits deductions for contributions to an AD IRA.
  • Increases the unified estate and gift tax credit to $1 million by the year 2006.
  • Postpones certain tax-related deadlines if taxpayers are affected by a Federal disaster.
  • Amends the Tariff Act of 1930 to suspend taxes on the repair of certain vessels for 1 year.
  • Changes the rules regarding corporate shareholder's basis in stock to state that if the untaxed portion of extraordinary dividends received is greater than the basis, it will be treated as a profit for that taxable year.
  • Revises the means of translating foreign taxes into dollars by using the average exchange rate for the taxable year.
  • Exempts individuals whose entire gross income comes from foreign sources and whose amount of creditable foreign taxes paid is under $300 from the foreign tax credit limitation.
  • Establishes penalties for the unauthorized inspection of tax returns and tax return information.
  • Repeals the requirement that wholesale liquor dealers post signs outside their stores indicating they sell liquor wholesale.
Legislation - Introduced (House) -

Title: Budget Reconciliation Bill

Sponsors

  • John Richard Kasich (OH - R) (Out Of Office)