Joe Sestak on Taxes

Last Updated : Jul 01, 2010

Summary

Congressman Sestak supports PAYGO but acknowledges that the PAYGO put in place by the Democrats did not cover social security, medicaid, and many other programs.  He supported the move to tax the AIG bonuses and said that it was both constitutional and the right thing to do.

Congressman Sestak has voted to extend reliefs to the AMT and marriage tax, but stopped short of calling for their repeal.

Congressman Sestak voted for the "Making America Work" tax credit, the "Education Opportunity" tax credit, temporarily halting the taxation of unemployment benefits, and  to extend the child tax exemption credit.  

 

PAYGO and taxes

In February of 2010, Congressman Sestak issued a press release to publicize his vote to enforce pay as you go rules (PAYGO).  In the release, he describes his a desire for fiscal responsibility and a need for organizations to pay back their loans under TARP.  At the end of the statement, Congressman Sestak acknowledges that these PAYGO rules do not apply to a number of programs, including social security, medicaid, and any program targeted at poor people.

 

AIG Bonus Taxes

In March of 2009, Congressman Sestak appeared on Fox Business and stated that he supported the move to tax the AIG bonuses at 90%.  He stated that it was constitutional and that it was the right thing to do.

 

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. Joe Sestak voted in favor of the Alternative Minimum Tax Relief Act of 2008.

Joe Sestak 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. Joe Sestak voted in favor of the AMT Relief Act of 2007.

Joe Sestak 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. Joe Sestak voted in favor of the Tax Increase Prevention Act of 2007.

Joe Sestak voted in favor of the Tax Increase Prevention Act of 2007.

 

Sponsored and Cosponsored Legislation

Session-111; Bill Number-H R 1265; Stop Tax Haven Abuse Act - Cosponsor

To restrict the use of offshore tax havens and abusive tax shelters to inappropriately avoid Federal taxation, and for other purposes.

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