Key Votes
HR 1836 - Economic Growth and Tax Relief Reconciliation Act, 2001 - Key Vote
National Key Votes
Tom Barrett voted Nay (Passage) on this legislation.
Read recent statements Tom Barrett made in this general time period.
Stages
- June 7, 2001 Executive Signed
- May 26, 2001 House Conference Report Adopted
- May 26, 2001 Senate Conference Report Adopted
- May 23, 2001 Senate Bill Passed
- May 16, 2001 House Bill Passed
- May 15, 2001 Introduced
Family
- HR 1836 - Economic Growth and Tax Relief Reconciliation Act, 2001
- HB 574 - Clarifying Montana Constitution with Regards to Abortion
Issues
Stage Details
Legislation - Signed (Executive) - Became Public Law No. 107-016 - June 7, 2001
Legislation - Conference Report Adopted (House) (240-154) - May 26, 2001 (Key vote)
Title: Economic Growth and Tax Relief Reconciliation Act, 2001
Vote to adopt a conference report that would institute $1.35 trillion in tax cuts over an 11-year period.
- Creates a 10% tax bracket that applies retroactively to 2001 and provides immediate tax rebates for individuals who fall within the 10% range.
- The 28%, 31%, 36%, and 39% tax brackets will be reduced incrementally to 25%, 28%, 33%, and 35% respectively by 2006.
- Doubles the child tax credit, to $1,000 per child, over a 10 year period.
- Increases dependent care tax credit to offset child care expenses.
- Increases the standard deduction of married couples to double that of single taxpayers by 2005.
- Increases the annual limit on contributions to Education Savings Accounts (ESAs) from $500 to $2,000, beginning in 2002.
- Phases out estate, gift and generation-skipping taxes gradually until January 1, 2011, at which time estate and generation-skipping taxes are repealed, and the maximum gift tax rate is 40%.
- Increases annual limit on contributions to personal Investment Retirement Accounts (IRAs) incrementally to $5,000.
- Permits tax-free withdrawals from IRAs for charitable purposes.
Legislation - Conference Report Adopted (Senate) (58-33) - May 26, 2001 (Key vote)
Title: Economic Growth and Tax Relief Reconciliation Act, 2001
Vote to adopt a conference report that would institute $1.35 trillion in tax cuts over an 11-year period.
- Creates a 10% tax bracket that applies retroactively to 2001 and provides immediate tax rebates for individuals who fall within the 10% range.
- The 28%, 31%, 36%, and 39% tax brackets will be reduced incrementally to 25%, 28%, 33%, and 35% respectively by 2006.
- Doubles the child tax credit, to $1,000 per child, over a 10 year period.
- Increases dependent care tax credit to offset child care expenses.
- Increases the standard deduction of married couples to double that of single taxpayers by 2005.
- Increases the annual limit on contributions to Education Savings Accounts (ESAs) from $500 to $2,000, beginning in 2002.
- Phases out estate, gift and generation-skipping taxes gradually until January 1, 2011, at which time estate and generation-skipping taxes are repealed, and the maximum gift tax rate is 40%.
- Increases annual limit on contributions to personal Investment Retirement Accounts (IRAs) incrementally to $5,000.
- Permits tax-free withdrawals from IRAs for charitable purposes.
Legislation - Bill Passed (Senate) (62-38) - May 23, 2001 (Key vote)
Title: Economic Growth and Tax Relief Reconciliation Act, 2001
Vote to pass a bill that would institute $1.35 trillion in tax cuts over an 11-year period.
- Creates a new 10% tax bracket.
- Cuts the top 4 income tax brackets from 28%, 31%, 36%, and 39.6% to 25%, 28%, 33%, and 35% by 2011.
- Increases child tax credit to $1,000 per child by 2011.
- Increases the standard deduction of married couples to double that of single taxpayers by 2005.
- Increases the annual limit on contributions to education Investment Retirement Accounts (IRAs) from $500 to $2,000.
- Gradually reduces and repeals the estate and generation-skipping transfer taxes by January 1, 2011.
- Increases annual limit on contributions to personal IRAs incrementally to $5,000 by 2011.
Legislation - Bill Passed (House) (230-197) - May 16, 2001 (Key vote)
Title: Economic Growth and Tax Relief Reconciliation Act, 2001
Vote to pass a bill that would cut income taxes $958.2 billion over an 11-year period.
- Changes the existing 5 federal income tax brackets of 15%, 28%, 31%, 36%, and 39.6% to a system based on 4 tax rate brackets: 10%, 15%, 25%, and 33% by 2006.
Legislation - Introduced (House) - May 15, 2001
Title: Economic Growth and Tax Relief Reconciliation Act, 2001
Sponsors
- William M. 'Bill' Thomas (CA - R) (Out Of Office)
