Ken Salazar on Taxes

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Voting Record

The Alternative Minimum Tax

The alternative minimum tax was created to ensure that a few of the richest Americans did not exploit loopholes to avoid paying any taxes. It was never intended to be a method of taxing the general population. Unfortunately, the amount that a person earns before the tax goes into effect was not indexed to inflation. Therefore, each year Congress must enact a "fix" to adjust the amount. Occasionally, a larger increase is proposed than inflation adjustment. Income from the tax was accounted for in the 2009 budget. According to the rules of PAYGO (Pay As You Go), a decrease in the amount of money taken in must be offset by a reduction in spending. This amendment sought to exempt the AMT from that rule, to more accurately reflect the purpose of the tax. The amendment failed with most Republicans supporting it and most Democrats opposing it in a 47-51 vote. Ken Salazar voted against the amendment to exempt the AMT from PAYGO rules.

Ken Salazar voted against the amendment to exempt the AMT from PAYGO rules.

The Estate Tax

The estate tax is a tax levied on the assets or estates of wealthy individuals when they pass away. The tax collects a percentage of the estates which are valued above a given amount. This amendment sought to raise the value of the estates affected from $1 Million to $5 Million, and to lower the maximum rate at which the estate can be taxed from 45% to 35%. The argument for the change was that many small farms now fell under this tax. The opposition stated that not enough revenue would be collected is the amount was raised, as the tax would affect only 0.2% of estates instead of 0.5% under the current limits. The amendment failed in a 50-50 vote with most Republicans supporting the amendment and most Democrats opposing it. Ken Salazar voted against the amendment to raise the value of the estates affected to $5 Million and to lower the maximum rate to 35%.

Ken Salazar voted against the amendment to raise the value of the estates affected to $5 Million and to lower the maximum rate to 35%.

The Estate Tax

In 2007, an amendment was proposed which would have raised the value of applicable estates to $5 Million and set the maximum rate at 35%. This amendment would have also made the 2006 extended rates for capital gains and dividends permanent. The amendment was supported by most Republicans and opposed by most Democrats and failed in a 47-51 vote. Ken Salazar voted against the amendment to raise the value of applicable estates to $5 Million and set the maximum rate at 35%.

Ken Salazar voted against the amendment to raise the value of applicable estates to $5 Million and set the maximum rate at 35%.

Full Repeal of AMT

In 2007, congress made and attempt to repeal the alternative minimum tax (AMT) completely. The legislation was defeated in a 44-53 vote with most Republicans supporting the legislation and most Democrats opposing it. Ken Salazar voted against repealing the AMT.

Ken Salazar voted against repealing the AMT.

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 93-5. Ken Salazar voted in favor of the Pension Protection Act of 2006.

Ken Salazar voted in favor of the Pension Protection Act of 2006.

Estate Tax and Extension of Tax Relief Act

In 2006, the senate voted on theEstate Tax and Extension of Tax Relief Act. This bill would have increased the estate tax exclusion to $5,000,000, effective 2015, and repealed the sunset provision for the estate and generation-skipping taxes. It would also have lowered the estate tax rate to equal the current long-term capital gains tax rate for taxable estates up to $25 million and repealed the estate tax deduction paid to states. The bill failed to pass in a 56-42 vote. Ken Salazar voted against the Estate Tax and Extension of Tax Relief Act.

Ken Salazar voted against the Estate Tax and Extension of Tax Relief Act.

Death Tax Repeal Permanancy Act

In 2006, the Senate voted on legislation that would have permanantly repealed the "Death" or Estate Tax. The legislation was rejected on a 57-41 vote. Most Republicans supported the legislation and most Democrats opposed it. Ken Salazar voted against ending the Death Tax.

Ken Salazar voted against ending the Death Tax.

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 66-31 vote. with the support of both parties. Ken Salazar voted in favor of the Tax Increase Prevention and Reconciliation Act of 2005.

Ken Salazar voted in favor of the Tax Increase Prevention and Reconciliation Act of 2005.

 

Sponsored and Cosponsored Legislation

Session-110; Bill Number-S 871; Savings for Working Families Act of 2007 - Cosponsor

A bill to establish and provide for the treatment of Individual Development Accounts, and for other purposes.

Session-111; Bill Number-S 181; Permanent Marriage Penalty Relief Act of 2007 - Cosponsor

Makes provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 that eliminate the marriage penalty in the standard deduction, the 15-percent tax bracket, and the earned income tax credit, permanent.

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