Expresses the sense of the Senate that Congress should enact tax reform that repeals unfair and unnecessary tax loopholes and expenditures, simplifies the tax system, and makes sure that the wealthiest taxpayers pay a fair share of taxes.
Source: HR3903/S2230 12-HR3903 on Apr 16, 2012
Raising estate tax to 1990s level means $448B in new revenue.
Speier voted NAY Death Tax Repeal Act
Heritage Action Summary: This bill would repeal the estate and generation-skipping transfer taxes, as well as cut the top gift tax rate.
Heritage Foundation recommendation to vote YES: (4/16/2015): Collectively, these measures repeal the pernicious double tax known as the "death tax," and result in a tax cut of $269 billion over 10 years. The death tax hurts economic growth and therefore limits the ability of Americans to prosper. Repealing the death tax would generate an average of 18,000 jobs annually and increase the overall net worth of American households by $300 billion a year. The federal government should encourage, not punish, Americans who work and pay taxes their whole lives, save enough to support themselves through retirement, and retain the ability to fulfill the American Dream by passing along a better life to their children.
Secretary of Labor Robert Reich recommendation to vote YES: (robertreich.org 6/4/2015):
At a time of historic economic inequality, it should be a no-brainer to raise a tax on inherited wealth for the very rich. Yet there's a move among some members of Congress to abolish it altogether. Today the estate tax reaches only the richest 2/10 of 1%, and applies only to dollars in excess of $10.86 million for married couples or $5.43 million for individuals. That means if a couple leaves to their heirs $10,860,001, they now pay the estate tax on $1. The current estate tax rate is 40%, so that would be 40 cents. Yet according to these members of Congress, that's still too much. Our democracy's Founding Fathers did not want a privileged aristocracy. Yet that's the direction we're going in. The tax on inherited wealth is one of the major bulwarks against it. That tax should be increased and strengthened.
Legislative outcome: Passed by the House 240-179-12; never came to vote in Senate.
Source: Congressional vote 15-H1105 on Apr 16, 2015
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2021-22 Governor, House and Senate candidates on Tax Reform: |
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CA Gubernatorial: Antonio Villaraigosa Caitlyn Jenner Carly Fiorina David Hadley Delaine Eastin Doug Ose Eric Garcetti Eric Swalwell Gavin Newsom Hilda Solis Jerry Brown Jerry Sanders John Chiang John Cox Kamala Harris Kevin Faulconer Kevin Paffrath Larry Elder Laura Smith Neel Kashkari Travis Allen Xavier Becerra CA Senatorial: Dianne Feinstein Duf Sundheim Greg Brannon Kamala Harris Kevin de Leon Loretta Sanchez Michael Eisen Rocky Chavez Tom Del Beccaro
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Republican Freshman class of 2021:
AL-1: Jerry Carl(R)
AL-2: Barry Moore(R)
CA-8: Jay Obernolte(R)
CA-50: Darrell Issa(R)
CO-3: Lauren Boebert(R)
FL-3: Kat Cammack(R)
FL-15: Scott Franklin(R)
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GA-9: Andrew Clyde(R)
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Incoming Democratic Freshman class of 2021:
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CA-21: David Valadao(R)
defeated T.J. Cox(D)
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defeated Gil Cisneros(D)
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Special Elections 2021-2022:
CA-22: replacing Devin Nunes (R, SPEL summer 2022)
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TX-6: Jake Ellzey (R, July 2021)
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