Larry Combest on Taxes

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Voting Record

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. Larry Combest cast a "No Vote"

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. Larry Combest voted in favor of the Job Creation and Worker Assistance Act of 2002.

Larry Combest 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. Larry Combest voted in favor of the Death Tax Elimination Act of 2001.

Larry Combest 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. Larry Combest voted in favor of the EGTRRA of 2001.

Larry Combest voted in favor of the EGTRRA of 2001.

Marriage Tax Relief Reconciliation Act of 2000

In 2000, 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 vetoed by the President.

Death Tax Elimination Act of 2000

The house also attempted to pass a repeal of the Death Tax in 2000. This time, the bill was supported by almost all Republicans and by about 1/4 of the Democrats. The bill was vetoed by the President. Larry Combest voted in favor of the Death Tax Elimination Act of 2000.

Larry Combest voted in favor of the Death Tax Elimination Act of 2000.

 

Sponsored and Cosponsored Legislation

This representative has not been identified as sponsoring or cosponsoring significant legislation related to this title.

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