Dean Heller on Tax Reform
Dean Heller (R): Yes "I helped write it!" Believes the bill "provides critically important tax cuts to Nevada's middle-class families, boosts job creation, and spurs economic growth."
Jacky Rosen (D): No. Considers "fraudulent" handout to corporations and the wealthiest. Opposes top bracket and corporate tax cuts that she considers at the heart of the bill.
The AMT sets a minimum tax rate of 26% or 28% on some taxpayers so that they cannot use certain types of deductions to lower their tax. By contrast, the rate for a corporation is 20%. Affected taxpayers are those who have what are known as "tax preference items". These include long-term capital gains, accelerated depreciation, & percentage depletion.
Because the AMT is not indexed to inflation, an increasing number of upper-middle-income taxpayers have been finding themselves subject to this tax. In 2006, an IRS report highlighted the AMT as the single most serious problem with the tax code.
For 2007, the AMT Exemption was not fully phased until [income reaches] $415,000 for joint returns. Within the $150,000 to $415,000 range, AMT liability typically increases as income increases above $150,000.
OnTheIssues.org Explanation: This vote extends the AMT exemption, and hence avoids the AMT affecting more upper-middle-income people. This vote has no permanent effect on the AMT, although voting YES implies that one would support the same permanent AMT change.
Proponents support voting YES because:
Rep. RANGEL: We have the opportunity to provide relief to upward of some 25 million people from being hit by a $50 billion tax increase, which it was never thought could happen to these people. Almost apart from this, we have an opportunity to close a very unfair tax provision, that certainly no one has come to me to defend, which prevents a handful of people from having unlimited funds being shipped overseas under deferred compensation and escaping liability. Nobody, liberal or conservative, believes that these AMT taxpayers should be hit by a tax that we didn't intend. But also, no one has the guts to defend the offshore deferred compensation. So what is the problem?
Opponents recommend voting NO because:
Rep. McCRERY: This is a bill that would patch the AMT, and then increase other taxes for the patch costs. Republicans are for patching the AMT. Where we differ is over the question of whether we need to pay for the patch by raising other taxes. The President's budget includes a 1-year patch on the AMT without a pay-for. That is what the Senate passed by a rather large vote very recently, 88-5. The President has said he won't sign the bill that is before us today. Republicans have argued against applying PAYGO to the AMT patch. In many ways PAYGO has shown itself to be a farce.
Politicians often run for office saying they won't raise taxes, but then quickly turn their backs on the taxpayer. The idea of the Pledge is simple enough: Make them put their no-new-taxes rhetoric in writing.
In the Taxpayer Protection Pledge, candidates and incumbents solemnly bind themselves to oppose any and all tax increases. While ATR has the role of promoting and monitoring the Pledge, the Taxpayer Protection Pledge is actually made to a candidate's constituents, who are entitled to know where candidates stand before sending them to the capitol. Since the Pledge is a prerequisite for many voters, it is considered binding as long as an individual holds the office for which he or she signed the Pledge.
Since its rollout with the endorsement of President Reagan in 1986, the pledge has become de rigeur for Republicans seeking office, and is a necessity for Democrats running in Republican districts.
The Committee of Ways and Means is the chief tax-writing committee of the United States House of Representatives. Members of the Ways and Means Committee cannot serve on any other House Committees, though they can apply for a waiver from their party's congressional leadership. The Committee has jurisdiction over all taxation, tariffs and other revenue-raising measures, as well as a number of other programs including:
[The ATR, Americans for Tax Reform, run by conservative lobbyist Grover Norquist, ask legislators to sign the Taxpayer Protection Pledge in each election cycle. Their self-description:]
In the Taxpayer Protection Pledge, candidates and incumbents solemnly bind themselves to oppose any and all tax increases. Since its rollout in 1986, the pledge has become de rigeur for Republicans seeking office, and is a necessity for Democrats running in Republican districts. Today the Taxpayer Protection Pledge is offered to every candidate for state office and to all incumbents. More than 1,100 state officeholders, from state representative to governor, have signed the Pledge.
The Taxpayer Protection Pledge: "I pledge to the taxpayers of my district and to the American people that I will: ONE, oppose any and all efforts to increase the marginal income tax rate for individuals and business; and TWO, oppose any net reduction or elimination of deductions and credits, unless matched dollar for dollar by further reducing tax rates."
Opponents' Opinion (from wikipedia.com):In Nov. 2011, Sen. Harry Reid (D-NV) claimed that Congressional Republicans "are being led like puppets by Grover Norquist. They're giving speeches that we should compromise on our deficit, but never do they compromise on Grover Norquist. He is their leader." Since Norquist's pledge binds signatories to opposing deficit reduction agreements that include any element of increased tax revenue, some Republican deficit hawks now retired from office have stated that Norquist has become an obstacle to deficit reduction. Former Republican Senator Alan Simpson, co-chairman of the National Commission on Fiscal Responsibility and Reform, has been particularly critical, describing Norquist's position as "no taxes, under any situation, even if your country goes to hell."
The Christian Coalition Voter Guide inferred whether candidates agree or disagree with the statement, 'Make federal income tax cuts permanent' Christian Coalition's self-description: "Christian Voter Guide is a clearing-house for traditional, pro-family voter guides. We do not create voter guides, nor do we interview or endorse candidates."
The Christian Coalition Voter Guide inferred whether candidates agree or disagree with the statement, 'Permanent Elimination of the "Death Tax"' Christian Coalition's self-description: "Christian Voter Guide is a clearing-house for traditional, pro-family voter guides. We do not create voter guides, nor do we interview or endorse candidates."
|Other candidates on Tax Reform:||Dean Heller on other issues:|
Senate races 2021-22:
AK: Incumbent Lisa Murkowski(R)
vs.Challenger Kelly Tshibaka(R)
vs.2020 candidate Al Gross(D)
AL: Incumbent Richard Shelby(R) vs.U.S. Rep. Mo Brooks(R) vs.Ambassador Lynda Blanchard(R) vs.Katie Britt(R) vs.Judge Jessica Taylor(R) vs.Brandaun Dean(D) vs.
AR: Incumbent John Boozman(R)
vs.Candidate Dan Whitfield(D)
AZ: Incumbent Mark Kelly(D) vs.CEO Jim Lamon(R) vs.Blake Masters(R) vs.A.G. Mark Brnovich(R) vs.Mick McGuire(R)
CA: Incumbent Alex Padilla(D)
vs.2018 Senate candidate James Bradley(R)
CO: Incumbent Michael Bennet(D)
CT: Incumbent Richard Blumenthal(D)
vs.Challenger Joe Visconti(R)
vs.2018 & 2020 House candidate John Flynn(R)
FL: Incumbent Marco Rubio(R)
vs.U.S.Rep. Val Demings(D)
vs.U.S. Rep. Alan Grayson(D)
GA: Incumbent Raphael Warnock(D)
vs.Navy vet Latham Saddler(R)
HI: Incumbent Brian Schatz(D)
vs.Former State Rep. Cam Cavasso(R ?)
IA: Incumbent Chuck Grassley(R)
vs.State Sen. Jim Carlin(R)
vs.Former U.S. Rep IA-1 Abby Finkenauer(D)
ID: Incumbent Mike Crapo(R)
(no prospective opponents yet)
IL: Incumbent Tammy Duckworth(D)
vs.U.S.Rep. Adam Kinzinger(? R)
IN: Incumbent Todd Young(R)
vs.Challenger Haneefah Abdul-Khaaliq(D)
vs.Psychologist Valerie McCray(D)
KS: Incumbent Jerry Moran(R)
KY: Incumbent Rand Paul(R)
vs.State Rep Charles Booker(D)
LA: Incumbent John Kennedy(R)
MD: Incumbent Chris Van Hollen(D)
(no prospective opponents yet)
MO: Incumbent Roy Blunt(R) vs.Eric Greitens(R) vs.Scott Sifton(D) vs.Eric Schmitt(R) vs.Lucas Kunce(D) vs.Mark McClosky(R) vs.Vicky Hartzler(R) vs.Tim Shepard(D) vs.Billy Long(R)
NC: Incumbent Richard Burr(R,retiring)
Erica Smith(D) vs.Mark Walker(R) vs.Ted Budd(R) vs.Pat McCrory(R) vs.Cheri Beasley(D) vs.Rett Newton(D) vs.Jeff Jackson(D) vs.Marjorie K. Eastman(R)
ND: Incumbent John Hoeven(R)
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NH: Incumbent Maggie Hassan(D)
vs.Chris Sununu(R ?)
NV: Incumbent Catherine Cortez Masto(D)
NY: Incumbent Chuck Schumer(D)
OH: Incumbent Rob Portman(R,retiring)
Bernie Moreno(R) vs.Tim Ryan(D) vs.Jane Timken(R) vs.Josh Mandel(R) vs.JD Vance(R) vs.Mike Gibbons(R) vs.Morgan Harper(D) vs.Matt Dolan(R)
OK: Incumbent James Lankford(R)
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OR: Incumbent Ron Wyden(D)
vs.QAnon adherent Jo Rae Perkins(R)
PA: Incumbent Pat Toomey(R,retiring)
vs.Everett Stern(R) vs.Jeff Bartos(R) vs.Val Arkoosh(D) vs.Carla Sands(R) vs.John Fetterman(D) vs.Malcolm Kenyatta(D) vs.Kathy Barnette(R) vs.Sharif Street(D) vs.Conor Lamb(D) vs.Sean Parnell(R) vs.Craig Snyder(R)
SC: Incumbent Tim Scott(R)
vs.State Rep. Krystle Matthews(D)
SD: Incumbent John Thune(R)
vs.State Rep. Billie Sutton(? D)
UT: Incumbent Mike Lee(R) vs.Allen Glines(D) vs.Austin Searle(D) vs.Evan McMullin(I)
VT: Incumbent Patrick Leahy(D)
vs.Lt.Gov. David Zuckerman(? D)
WA: Incumbent Patty Murray(D)
vs.Challenger Tiffany Smiley(R)
WI: Incumbent Ron Johnson(R) vs.Tom Nelson(D) vs.Sarah Godlewski(D) vs.Alex Lasry(D) vs.Chris Larson(D) vs.Mandela Barnes(D)
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