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Key Votes

HR 1836 - Economic Growth and Tax Relief Reconciliation Act, 2001 - Key Vote

National Key Votes

Tom Petri voted Yea (Conference Report Vote) on this Legislation.

Read statements Tom Petri made in this general time period.

Stages

Family

Issues

Stage Details

Legislation - Signed (Executive) - Became Public Law No. 107-016 -
Legislation - Conference Report Adopted (House) (240-154) - (Key vote)

Title: Economic Growth and Tax Relief Reconciliation Act, 2001

Vote Smart's Synopsis:

Vote to adopt a conference report that would institute $1.35 trillion in tax cuts over an 11-year period.

Highlights:
  • 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and generation-skipping taxes gradually until January 1, 2011, at which time estate and generation-skipping taxes are repealed, and the maximum gift tax rate is 40%.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) - (Key vote)

Title: Economic Growth and Tax Relief Reconciliation Act, 2001

Vote Smart's Synopsis:

Vote to adopt a conference report that would institute $1.35 trillion in tax cuts over an 11-year period.

Highlights:
  • 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 With Amendment (Senate) (62-38) - (Key vote)

Title: Economic Growth and Tax Relief Reconciliation Act, 2001

Vote Smart's Synopsis:

Vote to pass a bill that would institute $1.35 trillion in tax cuts over an 11-year period.

Highlights:
  • 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) - (Key vote)

Title: Economic Growth and Tax Relief Reconciliation Act, 2001

Vote Smart's Synopsis:

Vote to pass a bill that would cut income taxes $958.2 billion over an 11-year period.

Highlights:
  • 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) -

Title: Economic Growth and Tax Relief Reconciliation Act, 2001

Sponsors

  • William M. 'Bill' Thomas (CA - R) (Out Of Office)
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