Thaddeus McCotter - Taxes
2012 Presidential Campaign Website Statements
Restoring Economic Freedom and Jobs
The current tax system penalizes employers and slows the creation of jobs. The U.S. corporate tax rate is the highest of any developed country in the world. We must reduce this burden on our economy, and return to the free market policies that made the American economy the most innovative and competitive in the world.
Our government must simplify the tax code, must eliminate loopholes that allow some to avoid tax obligations that the rest of us pay, and reduce maximum corporate and individual tax rates, while providing economic incentives to businesses that invest in U.S.-based jobs.
The individual-tax system must be fairer and flatter. If we also control government and reduce its spending, repeal Obamacare, and commit to repairing Social Security, we will balance our budgets and reduce the national debt that threatens our and our children’s prosperity. Manufacturing jobs are the foundation of the United States economy. We have the world’s strongest, largest and most productive manufacturing economy., which we must preserve and grow.
We need a new approach to regulation in Washington – one that reduces onerous and pointless rules that hamper businesses, without sacrificing the maintenance of competitive markets, safe work environments, and clean air and water.
We must seek to restore vibrancy and prosperity to the American economy and the American middle class by dismantling destructive concentrations of power – in banking, in government and in education – and by ending Communist China’s mercantilist trade policy. By allowing American workers and entrepreneurs to compete on a level playing field, we will see how well they perform and how much we all prosper.
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. Thaddeus McCotter voted against the Alternative Minimum Tax Relief Act of 2008.
Thaddeus McCotter voted against 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. Thaddeus McCotter voted against the AMT Relief Act of 2007.
Thaddeus McCotter voted against 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. Thaddeus McCotter voted against the Tax Increase Prevention Act of 2007.
Thaddeus McCotter voted against the Tax Increase Prevention Act of 2007.
Tax Relief and Health Care Act of 2006
The Tax Relief and Health Care Act of 2006 was passed into law in 2006 and contained a wide array of tax cut extensions for everything from making improvements to your house, to state and local sales tax exemptions, and to make improvements to DC. It also contained a provision for health savings accounts. The bill got wide support and passed the house with about 25% of Democrats opposing it. Thaddeus McCotter voted in favor of the Tax Relief and Health Care Act of 2006.
Thaddeus McCotter voted in favor of the Tax Relief and Health Care Act of 2006.
Pension Protection Act of 2006
The Pension Protection Act of 2006 addressed regulations governing employer-sponsored pensions and acted to make the portions of the 2001 act which allowed higher contributions to IRAs. with the support of both parties. The bill got wide support from both parties and passed 279-131. Thaddeus McCotter voted in favor of the Pension Protection Act of 2006.
Thaddeus McCotter voted in favor of the Pension Protection Act of 2006.
Tax Increase Prevention and Reconciliation Act of 2005
The Tax Increase Prevention and Reconciliation Act of 2005 extended previously lowered dividend income and capital gains through 2010, and made an increase to the AMT exemption. It also eliminated income restrictions on high-income taxpayers for converting traditional Individual Retirement Accounts (IRAs) to Roth IRAs. Most Republicans supported the legislation and about 1/3 of teh Democrats supported it. The bill passed in a 234-197 vote with the support of both parties. Thaddeus McCotter voted in favor of the Tax Increase Prevention and Reconciliation Act of 2005.
Thaddeus McCotter voted in favor of the Tax Increase Prevention and Reconciliation Act of 2005.
Working Families Tax Relief Act of 2004
The Working Families Tax Relief Act of 2004 extended the 10 percent bracket on income tax created in the 2001 legislation, doubled the child tax credit, extended the previous AMT exemption and the Work Opportunity Tax Credit. The legislation was widely supported and passed 339-65. Thaddeus McCotter voted in favor of the Working Families Tax Relief Act of 2004.
Thaddeus McCotter voted in favor of the Working Families Tax Relief Act of 2004.
American Jobs Creation Act of 2004
The American Jobs Creation Act of 2004 allowed individuals to claim a deduction for state and local sales taxes paid, in lieu of deducting state income taxes. It also increased tax credits for business investment abroad, and temporarily increased the expensing provisions for corporations. The bill passed 251-178 with the support and opposition of both parties. Thaddeus McCotter voted in favor of the American Jobs Creation Act of 2004.
Thaddeus McCotter voted in favor of the American Jobs Creation Act of 2004.
A bill to end the marriage penalty
In 2004, the house voted on a bill to fix the marriage penalty tax. The bill increased the standard deduction for married taxpayers and increased the deducitons for the 15 percent bracket. The bill got wide support in the vote and passed with only 1/3 of the Democrats opposing it. The bill was not brought up for a vote in the Senate. Thaddeus McCotter voted in favor of ending the marriage penalty.
Thaddeus McCotter voted in favor of ending the marriage penalty.
Jobs and Growth Tax Relief Reconciliation Act of 2003
In the Jobs and Growth Tax Relief reconciliation Act of 2003 tax rates on realized capital gains received by individual shareholders were reduced from 10 percent (for taxpayers in tax brackets where the ordinary income tax rate was 15 percent or below) and 20 percent (for all other brackets) to 5 percent and 15 percent, respectively, through 2007 and to 0 and 15 percent in 2008. It also adjusted the AMT exemption limit, expanded the child tax credit, and accelerated some of the earlier aspects of the previous laws. The bill was supported by Republicans and opposed by Democrats, and passed in a 222-203 vote. Thaddeus McCotter voted in favor of the Jobs and Growth Tax Relief Reconciliation Act of 2003.
Thaddeus McCotter voted in favor of the Jobs and Growth Tax Relief Reconciliation Act of 2003.
Sponsored and Cosponsored Legislation
Permanently Repeal the Estate Tax Act of 2011 - Cosponsor
Repeals the federal estate tax, effective for estates of decedents dying after December 31, 2010.
Death Tax Repeal Act - Cosponsor
Repeals the federal estate, gift, and generation-skipping transfer taxes.
Individual AMT Repeal Act of 2011 - Cosponsor
Amends the Internal Revenue Code to repeal the alternative minimum tax (AMT) on individuals after 2010.
Death Tax Repeal Permanency Act of 2007 - Cosponsor
To make the repeal of the estate tax permanent.
Tax Increase Prevention Act of 2007 - Cosponsor
To make the Economic Growth and Tax Relief Reconciliation Act of 2001 and certain other tax benefits permanent law.
Death Tax Repeal Act of 2007 - Cosponsor
Repeals the federal estate, gift, and generation-skipping transfer taxes.
Fair Tax Act of 2007 - Cosponsor
To promote freedom, fairness, and economic opportunity by repealing the income tax and other taxes, abolishing the Internal Revenue Service, and enacting a national sales tax to be administered primarily by the States.
Individual AMT Repeal Act of 2007 - Cosponsor
To amend the Internal Revenue Code of 1986 to repeal the alternative minimum tax on individuals.
Free Market Protection Act of 2008 - Cosponsor
To suspend the capital gains tax, schedule the government-sponsored enterprises for privatization, repeal the Humphrey-Hawkins Full Employment Act, and suspend mark-to-market accounting requirements, and for other purposes.
Economic Growth Act of 2008 - Cosponsor
Amends the Internal Revenue Code to: (1) repeal the dollar and other limitations on the expensing allowance of depreciable business assets; (2) reduce to 25% the maximum corporate income tax rate; (3) provide for an inflation adjustment to the basis of certain capital assets for purposes of determining gain or loss; and (4) reduce from 35 to 15% the alternative capital gains tax rate for corporations.