Jim Risch on Taxes

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Voting Record

Continue Bush Tax Cuts for all Except top Earners

On July 25, 2012 the Senate voted on legislation to extend all of the Bush tax cuts with the exception of those earning more than $200,000 or couples earning more than $250,000. The measure passed 51-48 along mostly party lines. It was largely symbolic as tax bills are not legal unless they originate in the House. Jim Risch voted against extending the Bush Tax Cuts for all except the highest earners.

Jim Risch voted against extending the Bush Tax Cuts for all except the highest earners.

Continue All Bush Tax Cuts

On July 25, 2012 the Senate voted on an amendment to legislation to extend all of the Bush tax cuts. The measure failed 45-54 along mostly party lines. It was largely symbolic as tax bills are not legal unless they originate in the House. Jim Risch voted in favor of extending all Bush Tax cuts.

Jim Risch voted in favor of extending all Bush Tax cuts.

 

Sponsored and Cosponsored Legislation

Session-111; Bill Number-S 3773; Tax Hike Prevention Act of 2010 - Cosponsor

Repeals the general terminating date (i.e., December 31, 2010) applicable to tax relief provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA), thus making such provisions permanent. Repeals the provision of the Jobs and Growth Tax Relief Reconciliation Act of 2003 terminating the reductions in tax rates for capital gains and dividends, thus making such reductions permanent. Repeals provisions of EGTRRA repealing the estate and generation-skipping transfer taxes after 2009, thus restoring such taxes, subject to the amendments made by this Act. Restores the step-up in basis tax treatment of inherited estate assets. Amends the Internal Revenue Code to: (1) provide for annual increases in the alternative minimum tax (AMT) exemption amount during the period of 2010 through 2020; (2) expand offsets against the AMT for certain nonrefundable tax credits; (3) retain marriage penalty relief provisions and the increased child tax credit; (4) revise the estate tax by imposing a permanent maximum estate tax rate of 35% and allowing a permanent estate tax exclusion amount of $5 million (adjusted annually for inflation) after 2009; and (5) allow a surviving spouse to increase the estate tax exclusion amount by the unused exclusion amount of his or her deceased spouse. Allows the executor of any estate of a decedent dying in 2010 to elect to apply existing provisions of the Internal Revenue Code of 1986 without regard to specified provisions of this Act.

Session-111; Bill Number-S 567; A bill to repeal the sunset on the reduction of capital gains rates for individuals and on the taxation of dividends of individuals at capital gains rates - Cosponsor

Repeals the termination date in the Jobs Growth Tax Relief Reconciliation Act of 2003 for provisions reducing individual tax rates on capital gains and dividend income.

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