Todd Akin on Taxes

Last Updated : Oct 22, 2012

Summary

Congressman Akin is a strong supporter of lowering taxes to promote economic growth. He supported the Bush Tax cuts and even asserted early on that they may need to be bigger. Just after they were initiated, he credited them with growing the economy and the surplus. He has supported exteding the Bush Tax cuts permanently and supported ending the AMT and the death tax. He has stated tha tax relief is the single most powerful engine of our current economic recovery.

In addition to supporting the tax cuts, Congressman Akin has consistently co-sponsored legislation to implement the Fair Tax, and supported the Taxpayer Choice Act to allow people to chose an alternative tax system.

The Bush Tax Cuts

In 2001, Congressman Akin stated that the economy needs, and taxpayers deserve a pro-growth tax cut which can help a faltering economy. He added that although he supported the components of the President’s proposal, he believed we can go even further, but did not clarify how. When the legislation passed, Congressman Akin stated that while some are not happy that it is a tax break for all who pay taxes, it is the medicine that the economy needs.

In 2002, Congressman Akin began to argue for removing the 2011 sunset provisions of the Bush Tax cuts. He stated that if Congress did not remove the 2011 sunset, business owners, farmers and others would be unable to plan confidently for the future. He added that the sunset would act as a historically large tax hike, harming the economy and discouraging retirement savings by lowering IRA contribution limits.

In 2003, Congressman Akin supported the second round of Bush Tax cuts. He stated that Missouri had been hard-hit by the economic slowdown that began in 2000, and these tax cuts would help get the state’s economy going again. He also stated that although a larger tax break could create even more jobs, the proposed legislation would, when enacted, help everyone who pays taxes, including small businesses, which are responsible for the majority of employment in the United States

In 2006 and 2007, Congressman Akin supported making the Bush tax cuts permanent. He stated that despite pressures from increased energy prices and international instability, the Bush tax cuts have allowed the American economy to grow and have been critical to the last four years of economic growth. He added that to avoid a job-killing tax increase sometime in the future, Congress needs to make these and other tax cuts permanent.

The Marriage Penalty

In 2001, Congressman Akin asserted that marriage penalty tax relief is an idea that is well overdue, and that the Bush administration would soon be a reality. In 2002, Congressman Akin opposed reimposing the estate tax if there were budget deficits.

The Estate Tax

In April of 2001 when Congressman Akin was supporting the Death Tax Elimination Act of 2001, he stated that It does not make sense to have an antiquated law stifling the economy and impeding prosperity. He added that World War One is long over, the tax has outlived its purpose and survives as an unfair burden to hard-working American families. When speaking on the House floor, he stated that the whole point of getting rid of the death tax really has a lot to do with keeping jobs in this country and really helping, because it helps small business to pass through generations.

In 2005, Congressman Akin supported legislation to repeal the estate tax. He stated that what the bill was seeking to do is to try to make it possible that we do not destroy farms and small businesses that employ close to half the people that have jobs in our country. 

Taxpayer Choice Act

The Taxpayer Choice Act would repeal the Alternative Minimum Tax (AMT), and allow individuals an alternative tax system that is transparent, simple and efficient. Congressman Akin has co-sponsored the legislation and stated that it was a comprehensive plan designed to lift some of the tax burden off of the shoulders of hard working Americans.

 

Bigger and Faster Tax Cut Proposal

In February of 2001, Congressman Akin released a press statement noting legislation that he was introducing to propose bigger tax cuts that would be implemented faster than those proposed by the Bush administration.

 

Passage of the Bush Tax Cuts

In March of 2001, Congressman Akin issued a press statement noting his vote for the Bush tax cuts and his support for that legislation.

 

Marriage Tax Relief

In March of 2001, Congressman Akin issued a press statement noting his view that the marriage penalty should be permanently removed.

 

Vote to Repeal the Estate Tax

In April of 2001, Congressman Akin released a press statement noting his vote to repeal the estate tax.

 

The Estate Tax

In April of 2001, Congressman Akin spoke on the House floor about legislation to permanently end the estate tax.

 

Tax Cuts Mean Billions in Savings

In June of 2001, Congressman Akin issued a press statement noting his view that the tax cuts being implemented would mean tax cuts in the billions for Missourians.

 

Extending the Bush Tax Cuts

In April of 2002, Congressman Akin issued a press statement noting his view that the Bush tax cuts being made permanent.

 

Marriage Penalty Relief Act

In June of 2002, Congressman Akin spoke on the House floor about a Democratic substitute to a bill to permanently end the marriage penalty. He notes that the alternative will bring back the marriage penalty eventually and that this is unfair.

 

Jobs and Growth Tax Reconciliation Act

In May of 2003, Congressman Akin released a press statement noting his support for the second round of the Bush tax cuts called the Jobs and Growth Tax Reconciliation Act.

 

Child Tax Credit

In April of 2004, Congressman Akin issued a press statement noting his support for the Child Tax Credit.

 

Death Tax Repeal Act of 2005

In April of 2005, Congressman Akin spoke on the House floor in support of the Death Tax Repeal Act of 2005.

 

Make Tax Cuts Permanent

In March of 2006, Congressman Akin released a press statement noting his view that the Bush tax cuts should be made permanent.

 

Tax Increase Prevention Act

In May of 2006, Congressman Akin released a press statement noting his support for the Tax Increase Prevention Act.

 

Tax Increase Prevention Act of 2007

In June of 2007, Congressman Akin released a press statement noting his support for the Tax Increase Prevention Act of 2007.

 

Democratic Taxing and Spending

In June of 2007, Congressman Akin spoke on the House floor stating that the Democrats were using a tax and spend mentality.

 

Taxpayer Choice Act

In October of 2007, Congressman Akin released a press statement noting his support for the Taxpayer Choice Act.

 

Tax Increases Harm the Economy

In January of 2008, Congressman Akin spoke on the House floor on the overall topic of taxes. He stated that tax increases harm the economy.

 

Opposition to Making Death Tax Permanent

In December of 2009, Congressman Akin released a press statement noting his oppositon to making the estate tax permanent.

 

Campaign Website Statements

 

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. Todd Akin voted against the Alternative Minimum Tax Relief Act of 2008.

Todd Akin 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. Todd Akin voted against the AMT Relief Act of 2007.

Todd Akin 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. Todd Akin voted against the Tax Increase Prevention Act of 2007.

Todd Akin 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. Todd Akin voted in favor of the Tax Relief and Health Care Act of 2006.

Todd Akin 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. Todd Akin voted in favor of the Pension Protection Act of 2006.

Todd Akin 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. Todd Akin voted in favor of the Tax Increase Prevention and Reconciliation Act of 2005.

Todd Akin 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. Todd Akin voted in favor of the Working Families Tax Relief Act of 2004.

Todd Akin 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. Todd Akin voted in favor of the American Jobs Creation Act of 2004.

Todd Akin 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. Todd Akin voted in favor of ending the marriage penalty.

Todd Akin 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. Todd Akin voted in favor of the Jobs and Growth Tax Relief Reconciliation Act of 2003.

Todd Akin voted in favor of the Jobs and Growth Tax Relief Reconciliation Act of 2003.

Job Creation and Worker Assistance Act of 2002

The main provision of the Job Creation and Worker Assistance Act of 2002 was to create a bonus depreciation. This bonus depreciation allowed firms to claim extra deductions for depreciation of a long-term physical capital investment during the early years. This reduces corporate profits and therefore taxes. The act was supported by Republicans and opposed by Democrats 85-9. Todd Akin voted in favor of the Job Creation and Worker Assistance Act of 2002.

Todd Akin voted in favor of the Job Creation and Worker Assistance Act of 2002.

Death Tax Elimination Act of 2001

In 2001, the house voted on legislation to end the "Death Tax", otherwise known as the Estate Tax, which applies a tax to estates large than a given amount. The bill passed the house with the support of almost all Republicans and about 1/4 of the Democrats. Todd Akin voted in favor of the Death Tax Elimination Act of 2001.

Todd Akin voted in favor of the Death Tax Elimination Act of 2001.

Economic Growth and Tax Relief Reconciliation Act of 2001

The first piece of legislation was passed in 2001 as the Economic Growth and Tax Relief Reconciliation Act of 2001 The act was especially sweeping. Its two most prominent changes were a phased-in reduction in income tax rates and a reduction and eventual repeal (at the beginning of 2010) of the estate tax. It also provided a wide range of tax breaks for education, families with children, married couples, and contributions to certain kinds of savings accounts. While all republicans voted in favor of this legislation, most democrats opposed it. Todd Akin voted in favor of the EGTRRA of 2001.

Todd Akin voted in favor of the EGTRRA of 2001.

 

Sponsored and Cosponsored Legislation

Session-111; Bill Number-H R 25; Fair Tax Act of 2009 - Cosponsor

Repeals the income tax, employment tax, and estate and gift tax. Imposes a national sales tax on the use or consumption in the United States of taxable property or services. Sets the sales tax rate at 23% in 2011, with adjustments to the rate in subsequent years. Allows exemptions from the tax for property or services purchased for business, export, or investment purposes, and for state government functions. Prohibits the funding of the Internal Revenue Service (IRS) after FY2013. Terminates the sales tax imposed by this Act if the Sixteenth Amendment to the U.S. Constitution (authorizing an income tax) is not repealed within seven years after the enactment of this Act.

Session-110; Bill Number-H R 25; Fair Tax Act of 2007 - Cosponsor

Repeals the income tax, employment tax, and estate and gift tax. Imposes a national sales tax on the use or consumption in the United States of taxable property or services. Sets the sales tax rate at 23 percent in 2009, with adjustments to the rate in subsequent years. Allows exemptions from the tax for property or services purchased for business, export, or investment purposes and for state government functions. Allows families a sales tax rebate. Prohibits the funding of the Internal Revenue Service (IRS) after FY2011.

Session-109; Bill Number-H R 25; Fair Tax Act of 2005 - Cosponsor

Repeals the income tax, employment tax, and estate and gift tax. Imposes a national sales tax on the use or consumption in the United States of taxable property or services. Sets the sales tax rate at 23 percent in 2007, with adjustments to the rate in subsequent years. Allows exemptions from the tax for property or services purchased for business, export, or investment purposes and for State government functions. Allows families a sales tax rebate. Grants States the primary authority for the collection of sales tax revenues and the remittance of such revenues to the Treasury. Prohibits the funding of the Internal Revenue Service (IRS) after FY 2009. Establishes in the Department of the Treasury: (1) an Excise Tax Bureau to administer excise taxes not administered by the Bureau of Alcohol, Tobacco and Firearms (ATF); and (2) a Sales Tax Bureau to administer the national sales tax.

Session-112; Bill Number-H R 25; Fair Tax Act of 2011 - Cosponsor

Repeals the income tax, employment tax, and estate and gift tax. Imposes a national sales tax on the use or consumption in the United States of taxable property or services. Sets the sales tax rate at 23% in 2013, with adjustments to the rate in subsequent years. Establishes in the Department of the Treasury: (1) an Excise Tax Bureau to administer excise taxes not administered by the Bureau of Alcohol, Tobacco, Firearms, and Explosives (ATF), and (2) a Sales Tax Bureau to administer the national sales tax. Terminates the sales tax imposed by this Act if the Sixteenth Amendment to the U.S. Constitution (authorizing an income tax) is not repealed within seven years after the enactment of this Act.

Session-111; Bill Number-H R 470; Economic Recovery and Middle-Class Tax Relief Act of 2009 - Cosponsor

Makes permanent the reductions in the dividend and capital gain tax enacted by the Jobs and Growth Tax Relief Reconciliation Act of 2003.Amends the Internal Revenue Code to: (1) reduce individual and corporate income tax rates; (2) repeal the alternative minimum tax for individual taxpayers; (3) allow inflation adjustments to the basis of capital assets in determining gain or loss; (4) reduce the capital gains tax rate for corporations; (5) repeal limitations on the expensing allowance for depreciable business assets; (6) make permanent the tax credit for increasing research activities; (7) extend the carryback period for net operating losses to seven years; (8) increase the child tax credit; (9) exclude from gross income in 2009 distributions from an individual retirement plan (IRA) and exempt IRAs from mandatory distribution requirements after 2009; and (10) increase the tax deductions for tuition and related expenses and for the interest on qualified education loans.Makes 1% across-the-board rescissions in non-defense discretionary spending for FY2009.

Session-111; Bill Number-H R 205; Death Tax Repeal Act - Cosponsor

Repeals the federal estate, gift, and generation-skipping transfer taxes.

Session-111; Bill Number-H R 25; Fair Tax Act of 2009 - Cosponsor

Repeals the income tax, employment tax, and estate and gift tax. Redesignates the Internal Revenue Code of 1986 as the Internal Revenue Code of 2009. Imposes a national sales tax on the use or consumption in the United States of taxable property or services. Sets the sales tax rate at 23% in 2011, with adjustments to the rate in subsequent years. Allows exemptions from the tax for property or services purchased for business, export, or investment purposes, and for state government functions. Sets forth rules relating to: (1) the collection and remittance of the sales tax; and (2) credits and refunds. Allows a monthly sales tax rebate for families meeting certain size and income requirements.

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

To make the repeal of the estate tax permanent.

Session-110; Bill Number-H R 2734; 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.

Session-110; Bill Number-H R 3818; Taxpayer Choice Act of 2007 - Cosponsor

To amend the Internal Revenue Code of 1986 to repeal the alternative minimum tax on individuals and replace it with an alternative tax individuals may choose.

Session-110; Bill Number-H R 7223; 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.

Session-110; Bill Number-H R 4995; Middle Class Jobs Protection Act of 2008 - Cosponsor

Amends the Internal Revenue Code to: (1) reduce the maximum corporate income tax rate to 25%; (2) increase the expensing allowance for depreciable business assets to $250,000 in 2008 and 2009; (3) increase to 50% the current year bonus depreciation allowance for certain property placed in service in 2008 and 2009; and (4) allow additional carrybacks for certain net operating losses and for excess business and foreign tax credit amounts arising in 2008 and 2009.

Session-110; Bill Number-H R 5109; 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.

Session-111; Bill Number-H R 782; Taxpayer Choice Act of 2009 - Cosponsor

Amends the Internal Revenue Code to: (1) repeal the alternative minimum tax on individual taxpayers after 2008; and (2) allow taxpayers to elect an alternative income tax system. Makes permanent the capital gains and dividends rate reductions enacted by the Jobs and Growth Tax Relief Reconciliation Act of 2001.

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