Jerry McNerney on Taxes

Last Updated : Oct 05, 2010

Campaign Website Statements

FISCAL RESPONSIBILITY

Every weekend when I’m home in California, I hear from people who are concerned about the growing federal deficit. The debt is a serious problem, and one I’m working hard to control. Although our country had to take significant action in the last few years to prevent an even worse economic downturn, the debt is a growing concern that threatens our long-term economic prospects. It’s essential that we act in a fiscally responsible way.

I’m working to eliminate wasteful spending and control rising deficits. For instance, I voted against using more than $350 billion in bailout money, and I’ve always voted against pay raises for Members of Congress. I’ve voted to trim funding for numerous federal agencies, and I support a bill to identify wasteful programs and require a direct, up-or-down vote to eliminate them.

I’ll keep working with members of both political parties to identify spending that’s wasteful and make sure that every dollar spent is put to good use.

 

Voting Record

Alternative Minimum Tax Relief Act of 2008

The Alternative Minimum Tax was created to tax wealthy individuals who were exploiting loopholes to avoid paying taxes. It was not indexed to inflation and now affects many more families than it was intended. Congress regularly applies "fixes" to the law in the form of yearly adjustments. Sometimes they attempt to repeal it completely. In 2008, the house voted on the Alternative Minimum Tax Relief Act of 2008. The bill was had the objectives of increasing and extending through 2008 the alternative minimum tax (AMT) exemption amounts, and extending through 2008 the offset of certain nonrefundable personal tax credits against regular and AMT tax liability. This change would have brought in less revenue and that was to be offset by lowering the tax deductions for oil companies. The bill was supported by most Democrats and opposed by most Republicans. While it passed the house, it never came up for a vote in the Senate. Jerry McNerney voted in favor of the Alternative Minimum Tax Relief Act of 2008.

Jerry McNerney voted in favor of the Alternative Minimum Tax Relief Act of 2008.

AMT Relief Act of 2007

The AMT Relief Act of 2007 sought to apply a fix to the AMT, and offset those costs by taxing gross income from overseas companies. Most Democrats supported the legislation and most Republicans opposed it and the bill passed the house, but was not brought up for a vote in the Senate. Jerry McNerney voted in favor of the AMT Relief Act of 2007.

Jerry McNerney voted in favor of the AMT Relief Act of 2007.

Tax Increase Prevention Act of 2007

In 2007, congress passed legislation to apply a temporary fix. Most Democrats supported the legislation and all Republicans opposed it on the grounds that it violated PAYGO. Jerry McNerney voted in favor of the Tax Increase Prevention Act of 2007.

Jerry McNerney voted in favor of the Tax Increase Prevention Act of 2007.

 

Sponsored and Cosponsored Legislation

Session-110; Bill Number-H R 2380; Death Tax Repeal Permanency Act of 2007 - Cosponsor

To make the repeal of the estate tax permanent.

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