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HR 2488 - Financial Freedom Act of 1999 - National Key Vote

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See How Your Politicians Voted

Title: Financial Freedom Act of 1999

Vote Smart's Synopsis:

Vote to adopt a conference report on a bill that would institute $792 billion in tax cuts over a ten-year period.

Highlights:

  • Establishes a 1 percent "across the board" cut in income tax rates for all tax brackets.
  • Reduces the capital gains tax rates from 20 percent to 18 percent and 10 percent to 8 percent.
  • Phases in an increase to the standard deduction of married couples to double that of single taxpayers.
  • Expands individual retirement accounts (IRAs) limit gradually from $2,000 to $5,000.
  • Eliminates estate, gift, and generation-skipping transfer taxes beginning January 1, 2009.
  • Increases the annual limit on contributions to Education Savings Accounts (ESAs) to $2,000.
  • Allows employees who do not belong to employee-subsidized health care plans to deduct all of their insurance costs.
  • Authorizes the Housing and Urban Development Secretary to provide $20 billion in tax incentives for up to 20 urban and rural "renewal communities".

Full Bill Text

See How Your Politicians Voted

Title: Financial Freedom Act of 1999

Vote Smart's Synopsis:

Vote to adopt a conference report on a bill that would institute $792 billion in tax cuts over a ten-year period.

Highlights:

  • Establishes a 1 percent "across the board" cut in income tax rates for all tax brackets.
  • Reduces the capital gains tax rates from 20 percent to 18 percent and 10 percent to 8 percent.
  • Phases in an increase to the standard deduction of married couples to double that of single taxpayers.
  • Expands individual retirement accounts (IRAs) limit gradually from $2,000 to $5,000.
  • Eliminates estate, gift, and generation-skipping transfer taxes beginning January 1, 2009.
  • Increases the annual limit on contributions to Education Savings Accounts (ESAs) to $2,000.
  • Allows employees who do not belong to employee-subsidized health care plans to deduct all of their insurance costs.
  • Authorizes the Housing and Urban Development Secretary to provide $20 billion in tax incentives for up to 20 urban and rural "renewal communities".

Full Bill Text

NOTE: THIS VOTE PASSED BY UNANIMOUS CONSENT, MEANING NO MEMBER OBJECTED TO THE PASSAGE OF THE VOTE. THIS DOES NOT NECESSARILY INDICATE THAT ALL MEMBERS FAVORED THE VOTE'S OUTCOME.

NOTE: THIS IS A SUBSTITUTE BILL, MEANING THE LANGUAGE OF THE ORIGINAL BILL HAS BEEN REPLACED. THE DEGREE TO WHICH THE SUBSTITUTE BILL TEXT DIFFERS FROM THE PREVIOUS VERSION OF THE TEXT CAN VARY GREATLY.

Full Bill Text

See How Your Politicians Voted

Title: Financial Freedom Act of 1999

Vote Smart's Synopsis:

Vote to pass a bill that would institute $792 billion in tax cuts over a ten-year period.

Highlights:

  • Provides for the establishment of a 10 percent income tax rate.
  • Cuts income tax rates by 10 percent over 10 years.
  • Reduces the capital gains tax rate from 20 percent to 15 percent.
  • Phases in an increase to the standard deduction of married couples to double that of single taxpayers.
  • Eliminates estate, gift, and generation-skipping transfer taxes beginning January 1, 2009.
  • Increases the annual limit on contributions to Education Savings Accounts (ESAs) to $2,000.
  • Allows employees who do not belong to an employer-subsidized health plan to deduct all of their insurance costs.
  • Authorizes the Housing and Urban Development Secretary to provide $20 billion in tax incentives for up to 20 urban and rural "renewal communities".

Full Bill Text

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